After blaming BTC mining for electricity blackouts and sending spies to hunt down illegal miners, Iran has placed a temporary ban on such endeavors in its borders.
- According to a Bloomberg coverage, the Iranian government has placed a ban on all cryptocurrency mining endeavors until September 22nd. The ban is effective immediately and comes ahead of the country’s highest energy consumption season.
- This is Iran’s most strict attempt to reduce crypto mining, which soared in popularity amid the rapid price growth of bitcoin and other digital assets.
- The country’s officials claimed for months that its electricity network has failed to sustain this rush, leading to numerous blackouts. Somewhat expectedly, they blamed it on crypto mining.
- Although Iran previously asserted that some mining operations will be legalized, around 85% of these activities were still unlicensed.
- The authorities took another step recently by sending spies to locate and stop miners using household electricity.
- According to Cambridge University’s mining map, Iran is responsible for roughly 4% of Bitcoin’s hash rate.
- This is the second similar news coming from Asia in recent weeks. CryptoPotato reported previously that China, the leading country in terms of BTC mining, plans a nationwide crackdown.
- So far, though, Iran’s decision hasn’t impacted the price of BTC, which remains above $40,000. In contrast, when China made its latest move, bitcoin slumped by several thousand dollars in hours.