Iranian authorities have banned cryptocurrency mining during the summer season and until September 22, before the peak electricity demand season, to avoid power outages in major cities due to an expected power crisis.
According to a Bloomberg report citing an official statement by Iranian President Hassan Rouhani, nearly 85% of the country’s crypto-mining farms are unlicensed. Iranian authorities have intensified their monitoring of illegal mining activities in the area.
Subsidized energy has made Iran a hub for crypto-mining activities. According to the latest data from blockchain analytics and crypto compliance solution provider Elliptic, Iran accounts for approximately 4.5% of all bitcoin mining worldwide.
In January 2021, Iran launched an illegal crackdown on crypto-mining farms in the country, shutting down more than 1,600 unauthorized units. Tavanir, the state-owned power generation, distribution and transmission company in Iran, has reported that the country’s crypto-mining farms are causing huge losses to energy distributors.
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