Iran has suspended energy to crypto miners

TL; DR Breakdown

  • Iran has temporarily banned the operation of licensed crypto miners.
  • In this heatwave, the government is seeking a decrease in energy usage.
  • Iran’s share of the overall hash rate is about 7%.

Iran has announced that it will stop supplying energy to bitcoin miners because electricity demand in the country increases throughout the winter season. In a statement to local media, the head of the Grid Management Company, Mostafa Rajabi Mashhadi, confirmed this development. According to his comments, Iran will be shutting down crypto mining operations that have been granted permission to reduce dependence on liquid energy.

Iran plans to reduce its reliance on energy by 40%.

According to Mashhadi, the decision to streamline energy supply to takers throughout the country was made around a month ago. The decision, however, was announced to the Broadcasting Company on December 25, just hours after it broke the news. “There had been too much reliance on liquid fuels,” Mashhadi stated in a statement.

Aside from shutting down the electricity supplies to authorized crypto mining facilities, authorities also ensure that no energy is wasted, and many lampposts have been shut down in several locations. In his remarks, Mashhadi addressed the various ways citizens can assist them in achieving this objective. Some people in Iran take measures to reduce their energy and fuel usage. According to current statistics, most of the energy consumed in Iran is used to heat buildings, accounting for 70% of the total consumed power.

The country is responsible for 7% of the overall Bitcoin hashrate:

The country’s energy ministry announced that the planned reduction in energy should assist Iran in lowering overall energy consumption by around 40%. According to the executive, Iran has been working hard to combat illicit crypto miners throughout the nation.

Last month, Iranian news outlets reported that the country had confiscated roughly 222,000 mining hardware in the recent campaign by energy centres. Iran has made a name for itself in Bitcoin mining this year. At present, Iran accounts for roughly 7% of the entire hashrate of the leading digital asset.

Iran has previously stated that it will prohibit new Bitcoin mining centres because of its excessive dependence on energy during these times. Iran announced in September that it had lifted the prohibition on mining operations after the power grid was stable.

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