BTC Mining Restarts in Iran After a 3-Month Ban

by in Cryptocurrency News

Iran restarts bitcoin mining

Iranian authorities will enable licensed crypto miners to restart activities after a temporary ban announced by ex-president Hassan Rouhani on May 26, 2021, local media informs.

Iran halted crypto mining due to extreme heat (around 120° F or 49° C), which caused power interruptions and a lack of water.

As heat steps down, the country's current president, Ebrahim Raisi, elected on August 3, 2021, decided to allow crypto mining.

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Data provided by blockchain analytics company Elliptic show that over 4.5% of the world’s bitcoin mining comes from Iran. Also, estimations indicate that Iran's revenue from the industry reaches about $1 billion.

In the current economic situation, where Iran faces sanctions from the USA, it can benefit from the crypto sector. In spite of the ban, there were cases when miners continued operations secretly. On September 29, a piece of breaking news came of Tehran’s Stock Exchange (TSE) CEO Ali Sahraee resigning after authorities found out the exchange didn't stop mining after the announced prohibition