Iran to allow crypto mining once again

Monday 23 August 2021 15:06 CET | News

Iran has announced it will once again allow Bitcoin and crypto miners to operate in the country from the last week of September 2021.

Iran’s government banned Bitcoin (BTC) and crypto mining operations back in May 2021. At the time, the decision was reportedly made to prevent miners from overburdening the grid during the hot summer months.

Bitcoin miners have been blamed for incessant blackouts and power shortages in Iran. Such has been the extent of the problem that Iran reportedly paused electricity exports to neighbouring Afghanistan.

In April 2021, Chinese investors restarted the country’s largest Bitcoin mining centre after being out of service for four months due to complaints about excessive electricity consumption. However, illegal crypto mining operations are reportedly the reason for the significant strain on the electricity supply. As such, only authorised miners will be cleared to resume operations once the moratorium lifts in September.

Back in June, the country’s trade ministry awarded 30 crypto mining licenses as authorities in Iran continue to push for regulated cryptocurrency mining operations. The government expects Bitcoin and crypto mining to become a significant economic activity in the country, with a USD 1 billion revenue forecast predicted back in May 2021.

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Keywords: mining, cryptocurrency, Bitcoin, regulation
Categories: DeFi & Crypto & Web3
Countries: Iran (Islamic Republic of)
This article is part of category

DeFi & Crypto & Web3