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Iran Banning Crypto Mining Until March 6 to Save Power: Report
It’s the second time this year Iran has taken such measures to reduce the strain on the country’s power grid.
By Nelson Wang
Updated May 11, 2023, 6:21 p.m. Published Dec 28, 2021, 6:05 p.m. 1 min read
Iran is banning authorized crypto mining in the country until March 6 in an attempt to save power and avoid blackouts this winter, according to a Bloomberg report.
- The move will free up 209 megawatts of power for use by the country’s households, according to Mostafa Rajabi Mashhadi, the director of state-run Iran Grid Management Co., who was interviewed by state TV.
- The government is also cracking down on illegal crypto mining by both individuals and larger operators, Mashhadi said, nothing that those groups consume more than 600 megawatts of electricity.
- Iran banned all crypto mining this past summer to reduce the burden on the national power grid. An unusually dry spring has left Iran struggling with hydropower shortages.
- The move may crimp Iran’s finances, because the country has been using locally mined cryptocurrency to bolster its revenue amid tough international sanctions.
Read more: Iranian President Wants to Regulate Crypto ‘as Soon as Possible’
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