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

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

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  the director of state-run Iran Grid Management Co. Mostafa Rajabi Mashhadi, who was interviewed by state TV.The government is also cracking down on illegal mining by both individuals and larger operators, Mashahadi said, nothing that these 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, since the country has been using locally mined cryptocurrency to bolster revenues amid tough international sanctions against it.

Read more: Iranian President Wants to Regulate Crypto ‘as Soon as Possible’



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