Three months after the ban, Iran resumed its multi-billion dollar Bitcoin mining industry

After former President Hassan Rouhani imposed a three-month ban on May 26, 2021, the Iranian government will allow licensed cryptocurrency miners to resume operations today.

Concerned about the stability of the country’s unreliable power grid, the initial ban took effect.

In the Middle Eastern countries, there was a large-scale blackout in the summer. Former President Rouhani attributed it to Extremely hot. For a few days, the heat reached its peak 120 degrees Fahrenheit, or close to 49 degrees Celsius.

In view of power outages and water shortages, Rouhani decided to ban encryption mining during periods of high temperature to ensure that citizens can keep air-conditioning running-although certain aspects have doubts about the actual encryption mining power used by the country. As the heat fades and Ebrahim Raisi assumes the presidency on August 3, 2021, the crypto mining ban has been lifted.

An estimate 4.5% arrive 7% The world’s cryptocurrency mining work was completed in Iran.Iran has some Cheapest electricity Due to abundant world prices Fossil fuel resources Such as natural gas.

There are some reports that the country is optimistic about Bitcoin mining as a way to evade US sanctions. Iran is currently subject to an almost complete embargo imposed by the United States, which has a negative impact on the country’s economy.At the current estimated mining level in Iran, revenue is passed by Elliptic Reuters About 1 billion U.S. dollars.

Despite the ban, underground mining is reportedly continuing. On Wednesday, it was reported that the director of the Tehran Stock Exchange (TSE) Ali Sahraee was in State-owned media reports During the ban, cryptocurrency mining is being carried out on exchanges.

The TSE leadership first denied the existence of the mining operation, but then the Executive Deputy Director Beheshti-Sarsht admitted that TSE was responsible for the operation.