June 15, 2021

Iran temporarily banned mining in the country

Iran temporarily banned mining in the country

Iran imposes a 4-month ban on cryptocurrency mining due to severe power shortages.

According to President Hassan Rouhani, the restriction will be in effect until September 22. He added that about 85% of cryptocurrency mining operations in the country are illegal.

Iran accounts for 4.5% of the total bitcoin hashrate. This allows the country to make money and bypass the US economic embargo.

Bitcoin mining has saved the country's economy hit by sanctions and a shortage of cash dollars, but with a surplus of oil and natural gas.

On the other hand, the drought in the country and the overstepping of the established limit for miners led to a massive power outage last week.

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