Fintoism Fintech in iran Crypto Mining

Iran Clamps Down on Crypto Mining Until Early March 2022

According to a Bloomberg report, Iran has banned the mining of state-approved cryptocurrencies until March 6 to conserve electricity and avoid power outages this winter.

Mostafa Rajabi Mashhadi, director of the state-owned Iran Grid Management Co., told state television that the move would make 209 megawatts of electricity available to the country’s households.

The government is also taking steps to combat illegal cryptocurrency mining by both individuals and large businesses, Mashhadi said. These groups consume more than 600 megawatts of power.

Iran banned all cryptocurrency mining this summer to ease the country’s power grid burden. In addition, an unusually dry spring has forced Iran to address hydropower shortages.

The move could hurt Iran’s finances as it uses locally mined cryptocurrencies to boost revenue amid strong international sanctions.