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Iran Banning Crypto Mining Until March 6 to Save Power: Report
It’s the second time this year Iran has taken such measures to reduce the strain on the country’s power grid.
Iran is banning authorized crypto mining in the country until March 6 in an attempt to save power and avoid blackouts this winter, according to a Bloomberg report.
- The move will free up 209 megawatts of power for use by the country’s households, according to Mostafa Rajabi Mashhadi, the director of state-run Iran Grid Management Co., who was interviewed by state TV.
- The government is also cracking down on illegal crypto mining by both individuals and larger operators, Mashhadi said, nothing that those groups consume more than 600 megawatts of electricity.
- Iran banned all crypto mining this past summer to reduce the burden on the national power grid. An unusually dry spring has left Iran struggling with hydropower shortages.
- The move may crimp Iran’s finances, because the country has been using locally mined cryptocurrency to bolster its revenue amid tough international sanctions.
Read more: Iranian President Wants to Regulate Crypto ‘as Soon as Possible’
STORY CONTINUES BELOW
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
