Iran shuts down power supply to crypto mining operations

As of right now, Iran authorized crypto mines will no longer receive as much power as they used to. This decision will be put into effect on Wednesday, according to the Tehran Times. Unauthorized mines will no longer have power as a result of this action.

This restriction will begin on Wednesday, June 22 (the first day of the next Iranian calendar month, Tir), and will last until it is lifted.

In January of this year, the Iranian government issued licenses to 1,000 crypto mines to mint the token. The country’s electricity supply is currently being used by 118 authorized mines. The previous week, the country used 62,500 megawatts (MW). The country’s demand for electricity is expected to exceed 63,000 MW, which will limit the supply.

In an effort to conserve Iranian power, the government banned cryptocurrency mining in the country the previous year as well. At the time, it was estimated that illegal mines used up nearly 600 megawatts of electricity. This year’s ban is in effect until the beginning of March. Up to 209 megawatts of domestic power could be freed up as a result of the project.

Illegal mining has been a problem in Iran for a long time now. In 2019, the Iranian government gave the go-ahead for the country’s first crypto mines to operate. Around 1,000 mines will be able to use the power supply by the beginning of 2020. As a result, mining operations in the country saw an uptick. Some illegal mines, on the other hand, began minting tokens using the domestic supply.

Also, in 2021, Iran’s Minister of Mines warned the unauthorized miner that they would be fined heavily for damaging the country’s electricity supply. Iran’s electric industry and its resources are already in jeopardy due to climate issues like drought and water shortages as a result of cryptocurrency mining.

Wednesday, according to the Tehran Times. Unauthorized mines will no longer have power as a result of this action.

This restriction will begin on Wednesday, June 22 (the first day of the next Iranian calendar month, Tir), and will last until it is lifted.

In January of this year, the Iranian government issued licenses to 1,000 crypto mines to mint the token. The country’s electricity supply is currently being used by 118 authorized mines. The previous week, the country used 62,500 megawatts (MW). The country’s demand for electricity is expected to exceed 63,000 MW, which will limit the supply.

In an effort to conserve Iranian power, the government banned cryptocurrency mining in the country the previous year as well. At the time, it was estimated that illegal mines used up nearly 600 megawatts of electricity. This year’s ban is in effect until the beginning of March. Up to 209 megawatts of domestic power could be freed up as a result of the project.

Illegal mining has been a problem in Iran for a long time now. In 2019, the Iranian government gave the go-ahead for the country’s first crypto mines to operate. Around 1,000 mines will be able to use the power supply by the beginning of 2020. As a result, mining operations in the country saw an uptick. Some illegal mines, on the other hand, began minting tokens using the domestic supply.

Also, in 2021, Iran’s Minister of Mines warned the unauthorized miner that they would be fined heavily for damaging the country’s electricity supply. Iran’s electric industry and its resources are already in jeopardy due to climate issues like drought and water shortages as a result of cryptocurrency mining.

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