Crypto Mining

Illegal Cryptocurrency Mining Accounts For 10% Power Outrages – IRNA.

According to the Iranian power company, illegal cryptocurrency mines will account for at least “10 percent of power outages this winter.” Illegal cryptocurrency mines in Iran could create a new power outage this winter, according to the state power company. Unlicensed bitcoin miners have been accused by Iranian officials of consuming too much electricity, resulting in power shortages.

According to a statement made by state news agency IRNA, illegal cryptocurrency miners will responsible for at least “10 percent of power interruptions this winter.”

Illegal mining, he noted, was to blame for 20% of this year’s summer power disruptions.

In September 2018, Iran became one of the first countries in the world to legally launch Bitcoin [BTC] and other cryptocurrencies, although miners must be licensed.

Authorities said in May that “illegal” miners consume six to seven times as much energy as licensed miners, who often receive subsidized electricity.

Iran put a temporary ban on all cryptocurrency mining the same month, a day after its Energy Minister apologized for unanticipated power disruptions across the country. In mid-September, the prohibition was lifted.

Iran has reported numerous police raids on illegal bitcoin mining plants. Mining Bitcoin and other cryptocurrencies for profit necessitate a massive network of computers dedicated to solving complex arbitrary computations – an activity that consumes more worldwide electricity than other countries.

Last month, an Iranian official indicated that cryptocurrency may be used to circumvent international sanctions placed on the Islamic State.

He was addressing during a parliamentary meeting about a report on the size of Iran’s cryptocurrency sector and how the country may employ the technology.

According to the survey, another 19,500 Bitcoins are exchanged annually in Iran, compared to 324,000 globally, and roughly 700 Bitcoins are moved daily across the country.

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