Iran bans cryptocurrency mining for four months

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TEHRAN – Iran Wednesday announced a ban on all cryptocurrency mining for four months after major cities of the country saw massive power outages.

President Hassan Rouhani made the announcement during a televised speech, a day after Energy Minister Reza Ardakanian apologised to citizens over power cuts.

Iranian officials have regularly accused unlicensed cryptocurrency miners for using vast amounts of electricity, causing a shortfall in the national supply.

The Iranian president said that all cryptocurrency activities and mining must be halted unit September 22.

He highlighted illegal cryptocurrency miners consumed subsidized electricity six or seven times more than licensed persons.

Power outage during the summer months is common in Iran, but numerous complaints surfaced after major cities including Tehran faced unannounced loadshedding last week.

Iran started restricting the power supply from Sunday to reduce the pressure on the national grid.

On Tuesday, the energy minister apologised to the people of Iran for unplanned blackouts, adding that the national grid was under pressure due to a drought hitting hydropower generation and unexpectedly warm weather causing an increase in the use of electricity.

Read more: https://pakobserver.net/bloodbath-in-crypto-market-continues-as-bitcoin-falls-to-33185/