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AIBC

Iranian crypto mining ban comes to an end

Posted:: Oct 02, 2021 10:00 Category: Asia , Crypto , Regulatory , Posted by
Kevin Santy

The three month ban on crypto mining to allegedly protect the fragile hydro plant power grid during the summer has come to an end

While some crypto experts believe in hidden motivations of Iran’s crypto ban, Hassan Rouhani’s government announced a ban of crypto mining in order to prevent power shortages during the region’s intense heat wave, that saw temperatures rising to nearly 50 degrees Celsius at times. The ban came into effect on May 26, marking three months of missing hash rate.

Not that miners were entirely deterred of breaking the law, enjoying the thrill of underground operations and adding to the pool of mystery hash that was largely growing in Asia.

Newly elected president Ebrahim Raisi, who inherited the ban from Rouhani, is now lifting the ban in concordance with milder weather. Power grid failures would no longer bare a lethal threat through dysfunctional air conditioning, and overall electricity consumption will likely go down.

Ultimately, DeFi could bare a wide range of chances for the country, as US sanctions have limited power in the digital currency realm.

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