Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says
Nations like Russia and Iran may utilize cryptocurrency mining to monetize their energy resources and circumvent sanctions, the International Monetary Fund predicts in a report. Repercussions of the war in Ukraine continue to reverberate globally and cryptoization is one of the effects, the IMF says. War, Sanctions Lead to Wider Spread of Crypto Assets, Report Indicates The consequences of the ongoing military conflict in Ukraine will test the resiliency of the global financial system, may affect the role of the U.S. dollar, and lead to the establishment of blocs of central bank digital....
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In an attempt to deny Russia opportunities to evade sanctions through cryptocurrencies, the U.S. Department of the Treasury has sanctioned leading Russian mining firm Bitriver. The move comes amid concerns that Moscow may use the minting of digital coins to monetize its energy resources. Zug-Based Bitriver and Its Russian Subsidiaries Blacklisted by United States The U.S. Treasury Department has for the first time taken action against Russian crypto miners that could ostensibly facilitate Moscow’s efforts to circumvent international restrictions imposed over the war in Ukraine. On....
Authorities in Iran have revised some rules for the crypto mining industry in order to facilitate its access to green power. Licensed miners will now be able to purchase electricity produced from renewable sources from across the country at lower rates.
Cryptocurrency Miners in Iran Allowed to Source Green Energy From Across Country
Iran’s Ministry of Energy has changed certain crypto mining regulations to ease access to renewable power for entities authorized to mint digital currencies in the Islamic Republic.
A recently issued decree relieves miners from the....
Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced.
Legal Crypto Miners in Iran to Halt Operations Again Due to Electricity Shortages
Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin minting equipment from the beginning of Tir, the next month in the Iranian calendar, or Wednesday, June 22. Mostafa Rajabi Mashhadi, spokesman of the....
During the previous two years, authorities in Iran have shut down around 6,914 unregistered crypto companies. Authorized crypto mining plants in the Islamic Republic will be required to disconnect their energy-hungry coin minting devices on the 22nd of June this year, or the beginning of the Iranian month of Tir. Since 2020, when the administration […]
Iran has been clamping down on mining farms, but it also wants to use crypto mining to boost the sanctioned nation's revenue stream.