Iran Banning Crypto Mining Until March 6 to Save Power: Report

[ad_1]

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’

[ad_2]

Source link