Crackdown On Bitcoin & Crypto Mining In Iran - Explained.

Crackdown On Bitcoin & Crypto Mining In Iran - Explained.

2021-05-26 | Big Bob

Crackdown On Bitcoin & Crypto Mining In Iran - Explained.

The recent crackdown on Bitcoin [BTC] and cryptocurrency mining in Iran has reached a new dimension with the govt banning the activity over the summer. In line with an official report by Bloomberg, President Hassan Rouhani revealed that the blanket ban on Bitcoin mining within the country in an address on state television on Wednesday. The nationwide prohibition will reportedly last until September with the govt keen on ensuring access to electricity for domestic consumption within the hot summer months which are historically peak periods for power demand. As a part of his address, President Rouhani alleged that the bulk of the cryptocurrency mining activity in Iran - up to 85% - was unlicensed. Indeed, as it was recently reported, the crackdown by the authorities on miners using electricity meant for household consumption. Iran began a process of nationalizing its crypto mining sector earlier in the last year after months of handling illicit cryptocurrency mining activities. Also earlier in January 2020, the country issued about 1k licenses for cryptocurrency mining within the country. Also earlier in May, reports emerged of Iranian intelligence on the search for illicit large-scale crypto mining operations within the country. Crypto miners are linked to sweeping blackouts in Iran. Earlier in April, Chinese investors rebooted the country's major Bitcoin mining facility after being pack up for 4 months amid complaints that the farm was consuming an outsized portion of the local electricity supply. Apart from disruptions to electricity supply, the uptick in cryptocurrency mining activity in Iran has also been linked with the country's worsening air quality.

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