Iran Bans Crypto Mining
Main page News, Iran, Mining

The Iranian authorities have decided to ban cryptocurrency mining in the country in order to avoid power outages during the summer, when energy consumption increases, Bloomberg reports.

The decision has been taken after power outages have occurred in several cities of the country due to excessive electricity consumption by Bitcoin and other cryptocurrency miners.

According to the publication, the ban takes effect immediately and will be in force until September 22.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The announcement has been made by Iranian president Hassan Rouhani on the country's state television, adding that around 85% of mining in Iran is carried out illegally.

Authorities fear the measure will lead to an increase in illegal mining. Some miners hide mining devices in their homes or even in mosques.

Read also:
Please describe the error