• Thu. May 30th, 2024

Iranian Government To Lift The Ban On Crypto Mining Next Month

Phillip Seefeldt

ByPhillip Seefeldt

Aug 28, 2021

After getting banned for abnormal energy usage issues, the government of Iran is ready to release the ban on cryptocurrency in September, letting many mining operations resume work.

According to the agency in Iran named Tavanir, which is responsible for power generation and distribution, crypto mining facilities will be able to function yet again in the coming month. The government of Iraq announced that cryptocurrency mining operations would be allowed to resume their work on the 22nd of September. Officials from Tavanir stated that the pressure on power utilization will be minimal by that time, so miners can continue their daily endeavors yet again. As for the date of the unbanning, former President Hassan Rouhani was the one that directed the ministry of mining and trading to remove the ban on cryptocurrency mining.

Continued Support

Iran is not completely against crypto mining operations because back in June, the government of Iran had announced a legal framework in order to implement regulations in the market and keep cryptocurrencies trading in check. This legal framework was also implemented as directed by former President Hassan Rouhani, which was also the one to make cryptocurrency mining legal in the country back in 2019.

Energy Issue

Similar to the current Ban on cryptocurrency mining in China, Iran had implemented the ban on cryptocurrency mining in order to stop the abnormal amounts of power consumption that had started to cause trouble in electricity distributions. Several reports highlighted that the crypto mining facilities had been putting pressure on the nation’s power grid.

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Unlicensed Miners

The interesting thing that was revealed was that the power being used by registered legal miners was just a tiny amount compared to the overall consumption. Apparently, miners having no license were reported to be consuming around 2 thousand to 3 thousand Mega Watts in a single day. That amount of consumption was measured to be nearly half of what the people of the city of Tehran were consuming in a day, giving the authorities much reason to temporarily ban cryptocurrency mining in order to ease power grids.

Iran has been working to regulate the cryptocurrency market in hopes of keeping the adoption of crypto alive for its people to take advantage of.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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