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Power shortage in Iran leads to crypto mining crackdown

Posted: May 18, 2021 06:13 Category: Blockchain , Crypto , Posted by
Stanley Yin

Home-electricity mining is now prohibited due to power shortages, demanding registration of all mining activities

An unusually low amount of rain this year has led to a power shortage in Iran, due to weak performance of hydroplants. The high energy demand in crypto-mining has subsequently led to countermeasure of the Iranian government, which has now prohibited home-electricity mining.

The new policy demands miners to registers their activities, including their full identity and information on resources used, which is most likely linked to the regulation efforts of the Iranian government to control the growing industry. Bitcoin had been especially popular as a method to circumnavigate US sanctions.

AdolnaserHemmatiA staggering 4% of total Bitcoin hashworth was created in Iran. Since then, multiple attempts of Iran’s central institutions were undertaken to control the flow of money. In February, the governor of Iran’s Central Bank, Abdolnaser Hemmati, demanded crypto exchanges to be strictly dedicated to imports. Such measures are thought to be damaging to the competitiveness of Iran on the crypto market.

As part of the mandatory registration of mining activities, miners who use home electricity to create crypto, will be obliged to compensate for the energy consumed in relation to blockchain ventures.

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