Mining Ban Sparks Negative Reactions From Irans Crypto Community
Iranian Crypto Miners
Modified Date:- Published Date:-Categories: Cryptocurrency
The recently reintroduced seasonal ban on cryptocurrency mining has provoked a backlash from the local crypto community. This week, the country's electricity distribution company ordered miners to suspend activities during the summer months, citing power shortages.After crypto miners were forced to deal with power supply interruptions on more than one occasion last year, Iran Power Generation, Transmission and Distribution Company (Tavanir) has asked them to halt operations again by the end of this summer. The utility is citing power shortages for the next three months in the hot season, when demand will pick up due to increased consumption for cooling. According to the Cambridge Center for Alternative Finance's bitcoin mining map, several shutdowns over the past year hit miners hard and Iran's share of the global hash rate fell to just 0.12%, effectively removing Iran from the planet's crypto mining industry. been thrown out. Similar incidents have now again provoked many reactions from space and warnings that Iran is lagging behind its competitors. Iran legalized crypto mining as an industrial activity in 2019. Since then, dozens of companies have applied for licenses from the Ministry of Industry. The executive of Tavanir responsible for the mining sector, Mohammad Khodadi, reminded that the government resolution clearly states that miners are not allowed to buy electricity during peak times of consumption. He said there is a similar clause in their contracts as well. According to Way2pay, Iranian crypto miners now have limited options when it is clear that the country's lightning network can no longer meet their needs. The first is to just wait until the authorities lift the ban. Another option is to use alternative fuels by installing diesel generators or rely on generation from renewable energy sources. The last resort is to go underground and continue to mine digital coins illegally at your own risk.
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