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Winter is Here: Iran to Fill Energy Reserves by Stopping Authorized Crypto Mining

Iran is imposing a temporary authorized crypto mining blanket ban as it struggles to meet electricity demand during winter as a result of unstable power grids.

The high power demand over the last summer prompted Iran to temporarily impose a crypto mining ban. It appears that the increased power demand in the winter has compelled the country to take these measures yet again. 

Local energy authorities have taken the decision to cease the activities of authorized crypto mining facilities to meet the electricity demand which will continue to rise for the duration of winter. This decision was confirmed by Mostafa Rajabi Mashhadi, chairman of the board and managing director of Iran Grid Management Company (Tavanir), so that when temperatures further drop, there will be enough liquid fuel to generate energy. The decision to ban crypto mining was taken in November according to Islamic Republic of Iran Broadcasting (IRIB). 

Masshadi disclosed that “The Energy Ministry has been implementing measures since last month to reduce the use of liquid fuels in power plants, including cutting licensed crypto farms’ power supply, turning off lampposts in less risky areas and stringent supervision of consumption.”

Apart from taking the initiative to ban even the authorized crypto mining, Masshadi also implored citizens to conserve as much energy consumption as they can ahead of what is perceived to be a globally spread power crisis. Recent reports show that out of the liquid fuel supply available in Iran, 70% is being spent on heating and with the newest measures and restrictions, a 30% cut of that usage is expected to take place. 

With the same enthusiasm of authorizing cryptocurrency mining facilities, the Iranian government is working tirelessly on identifying and shutting down illegal mining operations. Just before the end of November, with the establishment of crypto regulations in the country, the relevant authorities confiscated a staggering 220k of mining equipment from illegal mining operations. 

Iran is a significant player when it comes to mining, given that it accounts for 4.5 – 7% of the global hashrate of Bitcoin (BTC). This crypto mining ban comes for the second time around as the first blanket ban was imposed by the Iranian government over the summer when energy was used for cooling off due to high temperatures. However, the temporary ban was removed after the power grids of Iran could manage sufficient power production. 

Also read: 

Binance has Been Granted a License to Provide Crypto-Utility in Canada

Elon Musk Still Supporting Dogecoin Despite Web 3.0 Twitter Quarrel

Instagram Allegedly Exploring Ways to Integrate NFTs

Stellar to Host Ukraine’s CBDC Pilot Test

 

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