Iran bans cryptocurrency mining until September

by in Cryptocurrency News

Iran

The Iranian authorities have banned the mining of digital assets until the end of the summer of 2021.

According to the statement of the President of the country Hassan Rouhani, authorized cryptocurrency mining consumes about 300 MW, while unauthorized mining consumes 2,000 MW.

"Starting today, a ban on mining cryptocurrencies even for authorized miners comes into force," Rouhani said.

Iran has connected the Ministry of Intelligence and National Security to the fight against the illegal mining of cryptos.

Trending: BNB Chain Gets Back to Normal After a Hack Estimated $100 M

The reason was the shortage of electricity caused by the growth of its consumption in other sectors and dry weather. The latter limited the operation of hydroelectric power plants.

Recall that in April, the Central Bank of Iran allowed banks and other licensed financial institutions to use cryptocurrency to pay for imports.

In January, the country's authorities shut down 1,620 illegal mining centers that collectively consumed 250 MW of power.