Licensed Iranian crypto miners ordered to halt production 'altogether'
Even Iran's minister of labor has reported electrical disruptions to his home as crypto miners continue to exert demand on the country's power grid. Eshaq Jahangiri, the first vice president of Iran under Hassan Rouhani, has called on all legally operating crypto miners in the country to stop producing coins.According to a Wednesday report from the Tasnim News Agency, Jahangiri said at a meeting with officials of the Ministry of Energy that the electricity restrictions for Iranians were likely to continue until early August, purportedly in line with Rouhani’s previously announced....
Related News
Authorized Bitcoin miners will be able to resume their operations after the electricity preservation policy during the hot summer months. Iran will once again allow Bitcoin and crypto miners to operate in the country from the last week of September.According to a report by Iran’s Financial Tribune, Tavanir, the country’s power generation organization, made the decision known earlier in August.As previously reported by Cointelegraph, Iran’s government banned Bitcoin (BTC) and crypto mining operations back in May. At the time, the decision was reportedly made to prevent miners from....
Iranian authorities have so far authorized 30 facilities for cryptocurrency mining. The crypto mining farms are spread across several regions, including Tehran Province. The government has put out the data amid a crackdown on illegal miners in the country. A Third of Authorized Mining Farms Are Based in Two Provinces The Iranian Ministry of Industries, Mining, and Trade has issued licenses to 30 cryptocurrency mining centers, the Financial Tribune revealed this week, quoting official figures published on the department’s website. One of these mining farms is based in Tehran Province....
Iran is fighting against unauthorized crypto mining amid ongoing energy supply shortages. The Iranian government continues to closely monitor the cryptocurrency mining industry by initiating new measures against home crypto miners, according to a new report.Mostafa Rajabi, a spokesman for the Ministry of Energy of Iran, said that crypto mining with household electricity is not legal and thus, home miners will have to pay heavy fines if discovered, local news agency The Tehran Times reported Sunday.Crypto miners using household energy will be also required to provide compensation for....
A developing strategy to mitigate the crippling effect of economic sanctions could see cryptocurrencies being used by Iranian firms to pay for imports such as raw materials and electronics. Iran is continuing to explore the potential use of cryptocurrency as a tool for mitigating the devastating impact of economic sanctions imposed by the United States. According to a report from the English-language Iranian economic news source Financial Tribune, the Central Bank of Iran, or CBI, is authorizing banks and licensed forex shops to use cryptocurrency as payments for imports.Under its....
Citing a need to maintain a stable electricity supply for other users, Iran will be pulling the plug on cryptocurrency mining farms whenever power consumption peaks. The measure intended to deal with shortages will target licensed facilities despite the government admitting that illegal crypto miners burn much more energy. Licensed Crypto Miners Use 300 MW, Illegal Farms Burn 2,000 MW According to official data, entities that are authorized to mine cryptocurrencies in the Islamic Republic use up to 300 megawatts (MW) daily, ISNA news agency reported. This amount of electricity can be....