Iran Temporarily Halts Cryptocurrency Mining Operations Following Blackout

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The President of Iran, Hassan Rouhani, has announced a four-month ban on all cryptocurrency mining activities ahead of elections. The announcement came on Wednesday, a day after the Iranian Energy Minister, Reza Ardakanian, apologized for unexpected power cuts across large cities.

Iranian public officials have always blamed unlicensed cryptocurrency mining operations for consuming significant amounts of electricity. In September last year, Rouhani, in a televised remark, declared that:

“Cryptocurrency activities, and mining cryptocurrencies, must be stopped.”

Power cuts in peak summer months are a regular occurrence in Iran. However, this time around, Tehran and other large cities suffered unplanned blackouts, triggering an uproar of criticism from consumers and businesses. The country began rolling blackouts from Sunday to reduce the pressure on the national grid.

Rouhani revealed that illegal miners who have access to subsidized electricity consume 7x more than those with permits.

Minister Reza Ardakanian made a public apology to Iranians on Tuesday for the “shortcomings and pressures” over the unexpected power cut. Ardakanian noted that the national grid is overburdened because of a drought affecting hydropower generation and unexpectedly warm weathers, triggering a surge in air conditioning use.

Cryptocurrency Mining Farms Suspend Operations

Meanwhile, national electricity spokesman Mostafa Rajabi Mashhadi announced last Saturday that licensed crypto mining farms have voluntarily halted operations to reduce the burden on the grid.

Mining Bitcoin and other cryptocurrencies require immense electricity to power the masses of computers and mining rigs dedicated to solving algorithms. Some reports show that cryptocurrency mining consumes more electricity than entire nations.

Michel Rauchs, a cryptocurrency expert and consultant, noted that between 5 and 10 percent of all Bitcoin mining happens in Iran.

 

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