Blackouts push Iran into banning Bitcoin mining

After a series of blackouts Iran has banned all crypto mining at least until September. Iran’s 4 month ban follows massive disruptions due to power outages in the country due to excessive use of electricity from the grid by crypto miners.

Illegal operations consume up to 2,000MW as per Iran’s President Hassan Rouhani.

Provinces across the country, are faced with power outages, social media was flooded with images of how surgery rooms, businesses and homes have been impacted by unannounced power cuts that can strike several times a day.

A study by Cambridge estimates that Iran was home to 3.4% of all Bitcoin mining last year. Which puts the nation firmly in sixth position in the rankings which was led by China at 69%. China had taken the lead on the ban of crypto mining citing climate change concerns.