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.

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.