Iran was responsible for 4.5% of Bitcoin mining worldwide in the early part of this year. However, Iran stopped mining Bitcoin since May due to power shortages.
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According to Iran Financial Tribune, Tavanir (the country’s power generation agency) will resume bitcoin mining on September 22.
In May, the Iranian government banned bitcoin and cryptocurrency mining operations. The decision was taken to stop miners overloading the country electricity network which is overloaded because of summer heat.
Bitcoin miners were blamed for Iran’s constant blackouts and power scarcity. The significant strain on electricity supply was also caused by illegal crypto mining operations.
With more than 1,000 licenses issued in January 2020, Iran legalized Bitcoin mining in 2020. As Iran continues to promote cryptocurrency mining, 30 crypto mining licenses were granted by the Iran Ministry of Commerce in June.
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Tavanir, the Power generation, distribution and transmission Company of Iran, stated that they will not extend the moratorium and will stick to the original crypto mining resumption date of Sept 22.
According to The Financial Tribune, Tavanir anticipates that electricity usage will decrease in the coming month so legal cryptocurrency miner can continue their operations.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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