Iranian authorities have lifted restrictions on cryptocurrency mining

Iranian media have reported that the Iranian authorities have lifted restrictions on cryptocurrency mining and allowed licensed mining enterprises to go back to work.

Iranian authorities have lifted restrictions on cryptocurrency mining

In Iran, frequent and the intense heat and drought. This year, the air temperature in the country reached as high as 49 ℃. So, in May, while in office, former Iranian President Hassan Rouhani placed a ban on cryptocurrency mining because the industry was putting high pressure on the national electricity grid. However, the government promised the suspended licensed companies that they will be allowed to return to crypto mining from September 22, 2021.power outages originate from increased power consumption in many industrial sectors.

In early September, the Iranian energy company worked with the police to uncover and close down 5,380 illegal mining farms and confiscate 216,758 pieces of equipment. On September 30, it was reported that the general director of the Tehran Stock Exchange, Ali Sahrai, resigned his post after an illegal mining farm was discovered in the basement of the Exchange.

In the summer, 30 mining companies were licensed to do crypto-mining by the Iranian Ministry of Industry and Trade. But in July, their activities were suspended again. Now the new president of the country, Ebrahim Raisi, has allowed licensed miners to resume mining since the country’s weather condition has stabilized.

You will be interested
Binance will cease support for BUSD stablecoin, remaining balances will be converted to FDUSD Binance will cease support for BUSD stablecoin, remaining balances will be converted to FDUSD Binance’s new CEO announced future plans for crypto exchange Binance's new CEO announced future plans for crypto exchange Binance launches Grand Futures Tournament Binance launches Futures Grand Tournament Binance to pay a fine in the US, as its CEO Changpeng Zhao steps down Binance to pay a fine in the US, as its CEO Changpeng Zhao steps down Binance and the NBK have issued a stablecoin backed by digital tenge Binance and the NBK have issued a stablecoin backed by digital tenge
Get the news first
Subscribe to the newsletter
Share
Read more