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Iran to Shut Down Crypto Mining Farms Amid Record High Power Demand – Mining Bitcoin News

Crptoz by Crptoz
June 21, 2022
in Bitcoin News
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Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country reaches record highs. Mining farms will be cut off the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced.

Legal crypto miners in Iran to cease operations again due to power shortage

Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin mining equipment from the beginning of tir next month, or Wednesday, June 22, in the Iranian calendar. Energy Ministry spokesman Mustafa Rajabi Mashhadi announced the decision, quoted by The Tehran Times.

The government official said the measure currently applies to 118 licensed mining farms operating in the Islamic republic. The temporary restrictions will be imposed after electricity consumption in the country reached a record high of 62,500 megawatts (MW) during peak hours last week.

Mashhadi said electricity demand for this week ending Friday is expected to exceed 63,000 megawatts according to the local calendar. A representative of the Ministry of Power called these figures significant and warned that it would lead to limited power supply across the country.

Tehran authorities legalized cryptocurrency mining as an industrial activity in 2019. Since then, dozens of companies have applied for licenses from the Ministry of Industry and began to mint digital currencies, taking advantage of the low-cost energy offered by Iranian power plants.

In addition to sanctioned mining operations, a growing number of Iranians have set up mining installations using subsidized domestic electricity to carry digital coins, increasing the burden on the Iranian power generation industry. The latter is facing serious problems due to drafts due to less than expected rains and rising demand in hot weather. A report in May revealed that Iran has busted about 7,000 illegal crypto farms.

The country’s power shortages and repeated blackouts last summer were partly blamed on increased use of electricity for mining and even licensed miners were ordered to shut down. . They were allowed to resume operations in September, but were then asked to suspend activities in view of the increasing power shortage during the colder months.

Tags in this story
blackout, consumption, crypto, crypto farm, crypto miners, crypto mining, cryptocurrency, cryptocurrency, deficit, demand, electricity, energy, Iran, Iranian, miners, mining, mining farm, electricity, sanctions, shortage, shutdown,

Do you think power supply issues will continue to affect Iran’s crypto mining industry? Share your thoughts on this topic in the comment section below.

lubomir tsev

Lubomir Tsev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

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