Iran to shut off electricity to cryptocurrency miners


To reduce network load

Iran’s relationship with miners is one of love turning into hate, and vice versa. Now the government is again restricting cryptocurrency mining activities in an attempt to reduce the load on the country’s electricity supply.

Power for all 118 authorized mining companies in Iran will be cut off from June 22 ahead of seasonal power demand spikes.

This is a shot at an industry that helps the country’s government to circumvent sanctions. Iran has been under them for a long time. These sanctions essentially block the country’s access to the international financial system.

In 2019, Iran officially recognized the cryptocurrency mining industry and began issuing licenses to miners. They were ordered to pay higher electricity tariffs and sell the mined bitcoins to Iran’s central bank.

The country has repeatedly stopped the work of cryptocurrency mining centers. This had to be done when the demand for electricity became a record.