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.
Subscribe to ForkNews on Telegram to stay updated on news from the world of cryptocurrencies