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Iran lifts veto against Bitcoin miners after four months of inactivity

Bitcoin (BTC) miners authorized to operate in Iran are reactivating their farms after a mandatory four-month hiatus. The Persian government lifted a ban imposed in May that restricted operations due to the increase in energy consumption during the summer season.

The measure comes despite the fear that new fluctuations will occur in the national electric service. However, government authorities have already considered that the worst part of the heat wave is over , so they have given the green light again to Bitcoin mining and others. cryptocurrencies.

The problem arises because the electricity grid would not be receiving the necessary investments for its optimal functioning, according to the Iran International news agency. Due to high temperatures and increased use of air conditioners, energy demand began to rise, which led to the veto of BTC miners.

«Iran again suffered from a shortage of electricity in June, when temperatures rose and air conditioners came on. The controversial practice of cryptocurrency mining was banned for (four) months, although tens of thousands of illegal and clandestine computers continued to operate, “said the media outlet.

Iranian police authorities have seized equipment for the Bitcoin mining. Composition by CriptoNoticias. Fonts: elements.envato.

Bitcoin Mining in Iran

Bitcoin mining in Iran is a more profitable activity than in other latitudes due to low energy costs . This condition has made hundreds of miners remain active to validate and settle transactions on the network.

According to the Bitcoin Electricity Consumption Index, prepared by the University of Cambridge, Iran has the highest 5% of hashrate or processing power in this digital system on a global scale.

In May of this year, CriptoNoticias reported the government measure that was imposed directly by the President Hassan Rouhani. At that time it was reported that the veto would be in force until September 22, the date on which the miners would have begun to connect their equipment.

In mid-September the Iranian authorities increased operations to certify that the miners were turned off . However, some 5,300 farms were closed because they were not complying with the ban. Among the state agencies that have been involved with the closures of the facilities are: the national electricity company Tavanir and the Ministry of Industries, Mining and Commerce.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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