Breaking: Iran Cuts Power Supply To Crypto Mines;

Best In

Trending Tokens

Earn

Telegram

Newsletter

DCG's New York Expansion In Doubt After Crypto Mining Ban

Iran’s Ministry of Energy has decided to cut down the supply of electricity given to the authorized crypto mines units of the country. As reported by Tehran times, this decision will be implemented on the upcoming Wednesday. The step is taken to stop the access of electricity to unauthorized mines.

The electricity of authorized cryptocurrency mining units will be cut off from the beginning of the next Iranian calendar month Tir (Wednesday, June 22) until the end of the restriction.

Saving countries domestic power supply

The Government of Iran gave 1,000 crypto mines licenses to mint the token in January this year. At present, 118 authorized mines are using the electricity supply of the country. The country recorded consumption of 62,500 megawatts (MW) in the previous week. The power consumption is expected to cross the bar of 63,000 MW, which will limit the supply for the country.

Last year also the Iranian government had banned the mining of cryptocurrency to save the country’s power supply. It was recorded that the illegal mines had consumed nearly 600 megawatts of the power supply back then. The ban is in action till the start of March this year. It was estimated to free up to 209  megawatts of power supply in the domestic sector.

 Steps To stop Illegal Mining

Iran had been dealing with the issue of illegal mining for the longest time now. In 2019, the Government approved the crypto mines to function in Iran. At the beginning of the year 2020, around 1,000 mines were granted to use the power supply. This led to an increase in mining activities in the country. However, some illegal mines started using the domestic supply to mint the tokens.

In 2021, the Iranian minister also warned the unauthorized miner to pay heavy fines for the damage caused to the country’s electricity resource because of their actions. Mining of cryptocurrency has increased the problems for the electric industry of Iran and its resources which is already suffering from climate issues like drought and shortage of rain.

Tanvi is a journalism graduate from Delhi university. She has a keen interest in finance. As a newbie in the journalism world, Tanvi is learning and exploring the field. She plans to be an anchor in the upcoming years. In her free time, you can find her exploring nature & grooving in music and books. She can be reached at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story