Mining Ban Sparks Negative Reactions From Iran’s Crypto Community
The recently reintroduced seasonal ban on cryptocurrency mining has provoked backlash from the local crypto community. This week, the country’s power distribution company ordered miners to suspend activities citing electricity shortages during the hot summer months. Restrictions on Crypto Mining Are Ousting Iran From Global Coin Minting Industry, Critics Say After last year crypto miners were forced to deal with interruptions in power supply on more than one occasion, the Iran Power Generation, Transmission and Distribution Company (Tavanir) has told them to halt....
Related News
Iran has been clamping down on mining farms, but it also wants to use crypto mining to boost the sanctioned nation's revenue stream.
Tehran Province, which houses Iran’s capital, was awarded only one license to operate a crypto mining center. Iran’s Ministry of Industries, Mining and Trade issued operating licenses for 30 crypto mining centers in the country, the country's Financial Tribue reported last Wednesday.Citing data from the ministry’s website, the report says that Iran’s Semnan Province received the most licenses, with six crypto mining farms now authorized to operate in the region. Alborz Province secured four such licenses, followed by Mazandaran, East Azarbaijan and Zanjan Provinces. Tehran Province, which....
Discounted tariffs made Iran attractive to miners, now the country is having a hard time closing the gap between the production and consumption of electricity. Iran’s challenge with the ever-increasing electricity consumption reached new heights, leading the country to halt electricity exports.Abuzer Salihi, general manager of Iran’s electricity distribution company Tevanir, announced on state television that it has reduced electricity exports to zero “so that there is no problem in electricity supply in the country.” He said that the electricity supply to Afghanistan’s Herat province,....
Iran’s Ministry of Industry, Mine and Trade questioned Tavanir’s claims that illegal mining activities consume 2,000 megawatts of power. Iran’s Ministry of Industry, Mine and Trade reportedly dismissed claims by leading power company Tavanir that blamed illegal cryptocurrency miners for the ongoing power shortages in the country.According to a report by the Financial Tribune, Alireza Hadi, the ministry’s director of investment and planning, said that the figures announced by Tavanir “seem to be highly exaggerated.” Hadi questioned Tavanir’s claims that illegal mining activities consume....
The US, Russia and China together control over 65% of global Bitcoin hashrate, a reminder that mining power remains heavily concentrated even as local shocks push smaller markets up and down. Related Reading: Bitcoin Mood Sours To Levels Not Seen Since Late February In that mix, Iran has seen a sharp fall. Its hashrate dropped about 77% in the past quarter, to roughly 2 EH/s, after months of conflict and disruption. Iran’s Share Drops Fast According to a report from Hashrate Index, Iran lost about 7 EH/s quarter over quarter. The decline came during a period of rising tension with the US....