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Iran confirms second crypto mining ban of 2021

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iran has declared its second crypto mining ban for this year in an attempt to conserve more power during the bitter cold winters. Mostafa rajabi mashhadi, corporate director, Iran grid management co. And an Iranian electricity industry spokesperson noted that the ban will continue until March 9 of next year.

As per mashhadi, the ban will save up to 209 megawatts of electricity for registered crypto mine operators, which will be repurposed to the household sector to further prevent power outages and reduce the extent of pressure on iran's power plants. Iranian authorities are also actively closing all unregistered mining farms or even independent minors operating from their homes. according to bloomberg’s report that quoted mashhadi it was ascertained that these illegal crypto mining operators reckon the largest share of crypto mining in the nation, consuming over 600 megawatts of power.

Rajabi mashhadi stressed that the government will also take other fuel-saving measures with the prohibition of crypto mining. He added that the country has found itself in a state of electricity scarcity again because of its inability to produce 60% more electricity in the summer.

first crypto mining ban in iran

earlier this year, during the month of may, iran had announced a temporary ban on crypto mining owing to consistent blackouts in the region hindering with business operations. The ban that began on May 26 and lasted until September 22 was primarily due to illegal mining in the country.

The iranian president compared the minimal amount of electricity consumed by crypto mining farms recorded with the massive waste of electricity by illegal mining operations, accusing the unrecorded sector of crypto mining for prohibition.

“the authorized mining of cryptocurrencies does not consume much electricity and needs just around 300 megawatts. however, it is unauthorized crypto miners that consume a lot of electricity; they consume about 2,000 megawatts…as of today, it will be forbidden even for authorized miners to mine cryptocurrencies until late september.”

about author
journalism & mass comm. ‘21 graduate, palak is a genz journalist with background in lifestyle journalism & pr. In CoinGape, Palak is a young cryptojournalist preparing for Web 3.0.
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 12/29/2021

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