Categories: Bitcoin

Iran is Banning Bitcoin Mining

Iran authorities have seized around 1000 Bitcoin Asic mining machines from two absconded factories, according BBC News Report.

Speaking earlier this week, Iranian Energy Ministry spokesman Mostafa Rajabi said increased digital-currency mining within the country had made the power grid “unstable” and caused problems for consumers.

The warning followed the shutting down of two cryptocurrency mining farms in the central province of Yazd, state-controlled TV reported on June 27.

The report said the mining farms, located in abandoned factories, had about 1,000 bitcoin mining machines.

Rajabi said electricity consumption in the Iranian month of Khordad, ending on June 21, increased by 7 percent, and that a large part of the hike was the result of digital-mining activities that involved high-powered computers.

He said a special price had not yet been set for the power used by cryptominers, though the government is reviewing an Energy Ministry proposal for such pricing.

M. Ali

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at nabil@wibbic.com

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