Iran temporarily bans cryptocurrency mining and sets the date for its return to normal
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Answer Iran temporarily bans cryptocurrency mining and sets the date for its return to normal
After the Chinese State Council proposed a ban on Bitcoin mining in China, many major mining companies began moving in China and looking for places to receive them with their equipment to continue their work.
A new report has emerged that the Iranian government has temporarily banned Bitcoin mining.
Bitcoin mining was blamed for the power outage, as the Iranian government declared war on illegal Bitcoin miners.
Iran Temporarily Bans Cryptocurrency Mining:
According to report “Bloomberg,” the Iranian government has imposed a ban on all crypto-mining endeavors until September 22.
The ban takes effect immediately and comes at a time before the country’s highest energy consumption season.
Read:Four indicators to know when the season of alternative cryptocurrencies will begin
This is the most stringent measure by the Iranian government to curb cryptocurrency mining, which has risen in popularity amid the rapid growth of bitcoin and other cryptocurrency prices.
Officials in Iran have claimed for months that the electricity grid has failed to maintain its levels, especially with a large audience of Iranians engaged in bitcoin mining, which led to many blackouts.
Somewhat predictably, the government blamed cryptocurrency mining.
Although Iran has previously confirmed that some mining operations will be legalized, about 85% of these activities are still unlicensed.
Authorities have taken another step recently by sending spies to locate miners and prevent them from using household electricity.
According to Cambridge University Mining Map, Iran is responsible for approximately 4% of the Bitcoin hash rate.
This is the second similar news to come out of Asia in recent weeks.
As we discussed in Bitcoin Arabs earlier that China, the leading country in terms of Bitcoin mining, is planning to launch an anti-mining campaign nationwide.
Iran’s decision did not affect the price of Bitcoin, which is still above $39,000.
In contrast, when China took its latest move, Bitcoin plummeted by several thousand dollars in a matter of hours.
Read:Bitcoin Whales Added More Than 40,000 Bitcoins To Their Wallets In The Last Two Days
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