The latest report from the news agency Reuters says that on Wednesday, Iran’s President Hassan Rouhani released a televised speech at a cabinet meeting and said, (translated) “Ban on cryptocurrency mining immediately until September 22 Is effective … about 85 percent of the current mining in Iran is unlicensed. ” Bitcoin uses a lot of energy in mining and similarly some other cryptocurrency mining uses a lot of energy. Explain that very powerful computers in mining compete with each other to solve complex mathematical problems. These computers use very powerful graphics cards. To give them power, they often need electricity made of fossil fuel, in which Iran is very rich.
The report says that Iran is currently struggling with the problem of electricity and there are blackouts in many big cities of the country, due to which people are criticizing the President. Not only this, there is also a presidential election in Iran next month, so the government has banned mining, attributing cryptocurrency mining to power cuts.
The report further cites blockchain analytics firm Eliptic that around 4.5 percent of bitcoin mining takes place in Iran. Iran had accepted crypto mining in recent years and allowed miners to sell their bitcoins to the central bank, along with cheaper electricity.
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