Iran Halted Authorized Crypto Mining To Save Electric Energy

Iran halted authorized crypto mining in order to save some electric energy over the winter while previously putting a temporary ban on crypto mining as we are reading more in today’s cryptocurrency news.

Iran halted authorized crypto mining because the energy consumption is increasing over the winter and that’s why the local authorities decided to stop operations of the mining centers. Mostafa Rajabi Mashadi who is the chairman of the board and managing director of Iran Grid Management Company announced that the country will be shutting down mining centers again in order to reduce liquid fuel consumption in the power plants during the dropping temperatures.

Mashadi said that the Iranian authorities took the action to reduce energy consumption last month:

“The Energy Ministry has been implementing measures since last month to reduce the use of liquid fuels in power plants, including cutting licensed crypto farms’ power supply, turning off lampposts in less risky areas, and stringent supervision of consumption.”

The executive emphasized the importance of saving energy in the country calling on the people to reduce their electricity and gas consumption as much as possible as well. According to the reports, 70% of the fuel consumed in Iran is used for heating buildings. The newly imposed measures are expected to cut energy consumption by 40%. While enforcing the restrictions on authorized mining operators, the Iranian government was working to combat illegal crypto miners. The local energy authorities announced they had seized 222,000 mining devices used for illicit mining since the regulations were established.

Iran is one of the biggest mining countries in the world with an estimated 4.5% to 7% of the glboal BTC hash rate. The country put a temporary blanket ban on crypto mining in summer due to the peak periods for power demands because of hot temperatures. The ban was lifted in September as the Iranian power grid became more stable.

As recently reported, The Iranian lawmakers drafted a bill to support crypto mining and organize the domestic market for exchanges. The plan involves making the Central Bank of Iran a primary regulatory body about the domestic exchange of cryptocurrencies in three months.
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This includes a new plan to prohibit the exchange of any crypto within the country aside from their own national one as a means of payment.