Iran Orders Bitcoin (BTC) Mining Companies to Close Due to Power Outage Fears

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2021-12-29 10:18:05

Iran has once again ordered Bitcoin (BTC) miners to shut down to ease the need for electricity on the country’s energy grid during the winter months. Licensed miners are expected to get the green light to resume operations in March 2022.

Iran Orders Bitcoin (BTC) Mining Companies to Close Due to Power Outage Fears

Mostafa Rajabi Mashhadi, director of state-run Iran power grid management company and spokesman for Iran’s power sector, said the measures will be in place until March 6, 2022 in an effort to minimize the risk of power outages and ensure stable electricity for households across the country.

Bitcoin miners will free up about 209 megawatts of electricity by shutting down over the next few months. Other energy allocation measures being used by the Iranian government include turning off street lights in some areas and limiting energy use in offices.

In addition, Iran is also cracking down on illegal mining carried out by both individuals at home and larger-scale industrial units. Surprisingly, this group of miners holds the largest share of cryptocurrency mining in the country, consuming over 600 megawatts.

The Iranian government took similar measures to cut energy consumption in May. A temporary ban was put in place to limit the electricity usage of Bitcoin miners during the summer because of activities. authorized and unauthorized are estimated to consume about 2,300 megawatts.

However, many miners were allowed to go online again in October, when the ban was lifted and operations resumed. Besides, the general situation of the cryptocurrency industry in Iran is gradually turning in a very positive direction, with the move of Iran’s tax authorities to legalize cryptocurrency exchanges in August.

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