Iran Blames Trump Of Blocking Bitcoin Mining In The Country

Iran blames Trump and his administration that the United States is blocking the mining operations in Iran and we read more about it in the latest cryptocurrency news below.

Iran’s Assistant Minister of Industry stated according to the local news outlet Fars that the United States is urging to get Iran out of the SWIFT system. Now, the US seems to have its eyes set on the recent spike of interest of the Iranian citizens into the crypto-mining sector since it is a very productive activity capable able to evade the financial sanctions imposed against their country.

Iran is one of the countries with the cheapest electricity in the world. The Statistics from Global Petrol Prices show that while the 1kWh costs on average $0.14 in the United States, the Iranians pay up to $0.03 thanks to the governmental subsidy. The low energy costs make the bitcoin mining very profitable so in the past few months, the activity grew incredibly so now the entire country’s infrastructure is suffering as a consequence of the growth in consumption.

The Assistant Minister Of Industry Ali Akbar Karimi who is a member of the Iranian Parliament Economic Committee is very concerned about the current issue and urges the government to redouble the efforts to regulate the activity. This is one of the reasons why Iran Blames Trump and the United States so he stated:

 “Mining cryptocurrencies has become a common and widespread activity in Iran, and it consumes considerable power which has caused problems for the country, especially in the hot season.”

As noted in the coming altcoin news, the problem led the Iranian officials to fight to mine with measures such as cutting off power and direct confiscation of the mining equipment. Iran might be the needed piece in the geopolitical chess game that the US Is currently playing. Also, China’s government did not show any interest in promoting BTC mining. However, the private Chinese Sector migrated to Iran in order to make use of low energy costs. According to Iran’s Minister for Communication and Information Technology:

 “A major part of cryptocurrency mining used to be done in China before Iran became attractive for miners …The Chinese government has no plan to be present in the field of cryptocurrency mining in Iran; however, China’s private sector and people may have been involved in this area.”