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Iran's president has banned bitcoin mining for four months

Datetime: 2021-05-28 14:39:17

Iran\'s president has banned bitcoin mining for four months

Iran\'s President Mahmoud Rouhani announced on Wednesday that he would ban all cryptocurrency mining activities in Iran from May 26 to September 22 in response to a serious shortage of power supply and the threat of power failure in the country in summer, Al Jazeera television reported on the 27th.

The process of obtaining cryptocurrency by high-intensity computing on the blockchain network is called "mining", which is a process of high energy consumption. Industry data show that about 4.5% of the world\'s bitcoin mining activities take place in Iran. Rouhani said he had instructed the Ministry of industry, the Ministry of telecommunications, the Ministry of energy and the Ministry of the interior to conduct a thorough investigation on cryptocurrency mining. Electricity consumption has increased by 20% in the past year, and 85% of cryptocurrency mining in Iran is illegal, he said. According to reports, Iran has 50 legal "mining" sites, legal miners previously operated according to the specified electricity price.

On the other hand, the report points out that Iran will face power shortage every summer. Some people think that the root of the problem lies in the weak infrastructure construction, and the cryptocurrency mining is just a "backhoe" sought by the government. According to a recent survey by Iranian legislators, the electricity consumption of cryptocurrency mining accounts for about 1% of Iran\'s total power generation.

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