Iran has banned the mining of cryptocurrencies after a series of blackouts across major cities, Bloomberg has reported.

The ban was announced on State TV on Wednesday and it is effective immediately, until September 22. This ban is amidst a growing unease over cryptos energy usage.

 

The ban follows a regional ban placed on Bitcoin by China. Iranian officials are blaming a surge in mining for blackouts in their cities.

 

The Iranian government has been cracking down on the 85% of mining that is unlicensed. Subsidised power prices allow miners to run the complex computers that compete to solve mathematical problems and receive Bitcoin as a reward.

 

The University of Cambridge estimates Iran was home to 3.4% of Bitcoin mining in the first four months of 2020, putting it in sixth place globally.

 

Iran has 50 licensed mining centers, which are spread across 14 31 provinces and consume a combined 209 megawatts of electricity, grid operator Tavanir said in a statement on Wednesday, according to the semi-official Tasnim news agency.

370 thoughts on “Iran Bans Cryptocurrency Mining”
      1. In fact the Iranian government should have proffer solutions to the energy consumption of the cryptos in the region cause i may believe it’s been contributing factor to the economy.

  1. I dont even know where to start commenting, But the thing is that they will surely unban the cryptocurrency again. After several adjustment would have been made though..

  2. Arise, O compatriots, Nigeria’s call obey to serve our fatherland with love and strength and faith the labour of our heroes past shall never be in vain to serve with heart and might one nation bound in freedom peace and unity…O God of creation, direct our noble cause guide thou our leaders right help our youth the truth to know in love and honestly to grow and

  3. This banning of crypto currency is serious, this is what Nigeria want also. Careful examination should be taken before approving any crypto currency in the country.

  4. Ban to see changes within a stipulated time giving. What a nation. Cryptocurrency was not finally pull out but just for a while in the county

    1. Serbia’s Novak Djokovic celebrates after winning against Greece’s Stefanos Tsitsipas at the end of their men’s final tennis match on Day 15 of The Roland Garros 2021 French Open tennis tournament in Paris on June 13, 2021. (Photo by Christophe ARCHAMBAULT / AFP)

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