Fun

Iran to Shut Down Crypto Mining Farms Amid Record High Power Demand

News Feed - 2022-06-21 08:06:55

Iran to Shut Down Crypto Mining Farms Amid Record High Power Demand


Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced. Legal Crypto Miners in Iran to Halt Operations Again Due to Electricity Shortages


Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin minting equipment from the beginning of Tir, the next month in the Iranian calendar, or Wednesday, June 22. Mostafa Rajabi Mashhadi, spokesman of the Ministry of Energy, announced the decision, quoted by Tehran Times.


The government official noted that the measure applies to 118 licensed mining farms currently operating in the Islamic Republic. The temporary restrictions will be imposed after electricity consumption in the country reached a record high of 62,500 megawatts (MW) during the peak hours last week.


Mashhadi added that power demand this week, which ends on Friday according to the local calendar, has been forecasted to exceed 63,000 MW. The energy ministry’s representative described these figures as significant and warned that they will lead to a limited electricity supply across the nation.


The authorities in Tehran legalized cryptocurrency mining as an industrial activity in 2019. Since then, dozens of companies have applied for a license from the Ministry of Industry and started extracting digital currencies, taking advantage of the low-cost energy offered by Iranian power plants.


Besides the approved mining operations, a growing number of Iranians have been setting up mining installations using subsidized household electricity to mint digital coins, further increasing the load on the Iranian power generation industry. The latter has been facing serious problems due to draughts caused by lower than expected rainfall and increased demand in the hot weather. A report in May revealed Iran has busted almost 7,000 illegal crypto farms.


The country’s electricity shortages and frequent blackouts last summer were partially blamed on increased power usage for mining and even licensed miners were ordered to shut down. They were allowed to resume operations in September, but then again asked to suspend activities in the face of a growing power deficit in the cold winter months. Tags in this story blackouts, consumption, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Demand, Electricity, Energy, Iran, Iranian, Miners, mining, mining farms, power, restrictions, shortages, shutdowns


Do you think power supply issues will continue to dog Iran’s crypto mining industry? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bitriver to Mine Crypto Using Excess Gas From Gazprom Neft’s Oil Extraction MINING | 3 days ago Bitcoin"s Sinking Price Pushes Hashrate Below 200 Exahash, Mining Difficulty Expected to Slide 2.8% Lower MINING | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLBank Exchange Will List MintMe․com Coin (MINTME) on June 22, 2022 Next articleMangata Finance Raises $4․2M to Build out Its Secure, No-Gas Cross-Chain DEX Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Nigeria Protest Group Asks for Bitcoin Donations After Regulators Block Bank Account
Nigeria Protest Group Asks for Bitcoin Donations After Regulators Block Bank Account A Nigerian protest group called Feminist Coalition is asking well-wishers to
Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell 
Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process "Early," Says Powell  The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on
Alice Ivey12 hours agoHistory of Python programming languageDelve into the remarkable evolution of Python, and learn how it grew to become a prominent and beloved programming language in the tech world.2561 Total views24
MEXC Global Vice President Andrew Weiner Explains the Appeal of Futures Trading
MEXC Global Vice President Andrew Weiner Explains the Appeal of Futures Trading A 6-year veteran of the crypto industry, Andrew Weiner serves as the Vice President of MEXC Global.
Deutsche Bank Predicts Major US Recession Next Year
Deutsche Bank Predicts Major US Recession Next Year Deutsche Bank’s economists have warned that the U.S. will suffer a major recession next year. However, several other majo
Memecoins are back? Dogwifhat price rallies 46% in September
Biraajmaan Tamuly8 hours agoMemecoins are back? Dogwifhat price rallies 46% in SeptemberDogwifhat is currently up 30% in the week, but the number of holders has increased by only 1.29% in the same period. 583 Total view
Regulatory Roundup: French Court Considers Bitcoin Money, Cryptocurrencies Legitimized in South Korea, Australia, India
Regulatory Roundup: French Court Considers Bitcoin Money, Cryptocurrencies Legitimized in South Korea, Australia, India The cryptocurrency sector worldwide saw several historic r
Iran Legalizes Crypto Mining Within Days of a Chinese Plea for ‘Better Conditions’
Iran is legalizing crypto-mining, giving a boost to this activity which was already booming despite the unfavorable position of the authorities.According to the Iran Chamber of Comm
Meet The Man Behind Universe Island
Meet The Man Behind Universe Island press release PRESS RELEASE. Universe Island – the name in itself gives away a major hint of what the game beholds, that is, a whole metav
Cryptocurrencies a ‘Good Alternative to Traditional Settlement Processes’ — Study
Cryptocurrencies a "Good Alternative to Traditional Settlement Processes" — Study Cryptocurrencies can be a good alternative to conventional settlement processes because they are
RippleX addresses XRP ledger’s AMM pool error, advises user caution
Amaka Nwaokocha8 hours agoRippleX addresses XRP ledger’s AMM pool error, advises user cautionDue to the continuing technical issue, RippleX has recommended its users no longer deposit funds into the affected AMM pools.