Iran Lifts Cryptocurrency Mining Ban!
The Iranian government will allow licensed cryptocurrency miners to resume their operations today, following a three-month cryptocurrency mining ban imposed by former President Hassan Rouhani on May 26, 2021 .
Iran Lifts Bitcoin Mining Ban
The first ban on cryptocurrency mining in the country came into effect amid concerns over the stability of the country’s unreliable power grid.
Iran’s former President Rouhani blamed cryptocurrency miners for widespread power outages in the country . In light of power outages and water shortages, Rouhani has decided to ban crypto mining to ensure citizens can keep their air conditioners running.
But doubts have been expressed in some quarters of the year about how much power crypto mining actually wields in the country. The ban on crypto mining was lifted again as the temperature subsided and Ebrahim Raisi took office as president on August 3, 2021 .
It is known that an estimated 4.5% to 7% of the world’s cryptocurrency mining is done in Iran. It may come as a little surprise that Iran has some of the cheapest electricity prices in the world, thanks to its abundant fossil fuel resources such as natural gas.
Positive Views on Bitcoin Mining
On the other hand, there are some reports suggesting that the country has a positive view of Bitcoin mining as a way to evade US sanctions . Iran is currently suffering from a complete embargo by the US, which negatively affects the country’s economy.
Despite the ban, underground mining is also reported to continue in the country, and on Wednesday, Ali Sahraee, director of the Tehran Stock Exchange (TSE), announced his resignation after state media reported that cryptocurrency mining was carried out on the exchange during the ban.
The TSE leadership first denied the existence of the mining operation, but later the deputy general manager Beheshti-Sarsht admitted that TSE should be held responsible for the operation.