Stable power supply Iran's president announces ban on crypto mining until September 22

On May 26, the Iranian president announced that crypto mining will be banned before September 22. Recently, local media in Iran reported that there have been problems with Iran's power supply recently, and many places in Iran have begun to take measures to cut off power in turns. There have also been power outages without warning, which has caused public resentment. Due to the need to maintain a stable power supply for other users, Iran will close cryptocurrency mines during peak power consumption.
In this regard, a spokesman for Iran's electricity department said in an interview with Iranian media on May 24 that the main reasons for the power shortage are hot weather, industrial prosperity leading to increased electricity consumption, drought causing a reduction in hydropower generation, and Iran's private cryptocurrency "mines" consuming too much electricity, etc. Iran's electricity department said that Iran will take actions such as staggered peak power consumption, building new power plants, and preventing cryptocurrency "mining" in the future.
The measure, aimed at addressing energy shortages, will target licensed mining farms, although the government acknowledges that illegal crypto miners consume more energy. According to official data, authorized cryptocurrency mining farms use up to 300 megawatts of electricity per day. Mostafa Rajabi Mashhadi, a spokesman for Iran's Energy Ministry in charge of the electricity sector, said this part of the electricity can be saved to maintain the balance and stability of the grid.
According to estimates by blockchain analysis firm Elliptic, Iran's annual Bitcoin mining revenue could be as high as $1 billion. Despite the huge revenues the mining industry brings to Iran, Iran is facing a shortage of electricity due to a surge in electricity consumption for cryptocurrency mining and a reduction in the country's current hydroelectric power generation.
Mostafa Rajabi Mashhadi, spokesman for Iran's Ministry of Energy, pointed out that unauthorized cryptocurrency mining will affect the power supply. Recently, the Iranian government also announced that it will impose huge fines on those who use household electricity to mine cryptocurrencies. Previously, Iran also invited intelligence officials to participate in the search for illegal cryptocurrency miners. Gholamali Rakhshani Mehr, the power distribution coordinator of the state-owned power grid operator Tavanir, said that intelligence officials will assist in finding and confiscating unlicensed mining sites. (Golden Finance)