Iran will cut off its electricity supply to crypto mining companies from June 22 because the country faces a growing electricity demand.
Iran will cut electricity to all 118 of its legitimate crypto mining centers this month as the country faces increased energy demand.
Electricity for all legitimate crypto mining centers will cease to operate from June 22 as Iran is facing a growing electricity demand. Iran is also in a severe power outage this week as demand surpasses 63,000 megawatts.
In 2020, Iran granted over 1,000 licenses to miners when cryptocurrencies were legalized in the country. This has caused the Bitcoin mining centers and factories to increase rapidly. According to studies, Iran has also used cryptocurrency mining to alleviate the impact of sanctions on the country.
However, at the same time, the country has suppressed illegal mining – seizing 7,000 cryptocurrency miners last June. It has also moved to close illicit mining crypto farms, disconnect them from the national grid and prosecute the miners in question. Earlier, it also banned authorized cryptocurrency mining centers in December because of energy-saving measures.
Such policies have had an impact on the mining sector in this country. It was estimated by Blockchain analyst Elliptic last May that 4.5% of all Bitcoin mining takes place in the country. It has now fallen to 0.12% since January, according to the Cambridge Alternative Finance Centre (CCAF).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews