The Iranian government has decided to bitcoin (BTC) to allow mining again. Bitcoin mining was banned in Iran, as in many other countries, but this ban will be lifted again on September 22.
The ban on bitcoin mining came primarily to reduce power consumption, as there were shortages in the country. Where for example China Iran is not planning to relax their regulations on cryptocurrencies for the time being, so Iran is doing so. Iranian energy company Tavanir indicated that energy consumption would be significantly reduced by the end of September. As a result, the government has decided to allow mining again.
The Financial Tribune came out with this message. She noted that illegal miners in particular drive consumption up a lot. The power consumption coming from them (2,000-3,000 KW per day) would be equivalent to almost half of the entire city of Tehran, the capital of Iran. Legal miners consume only a fraction of this and that is why there is an easing.
Iran has never been very strict on cryptocurrency. Legislation has never been extreme and/or long-lasting. It mining ban ended up taking four months.
Crypto mining
Mining has had a hard time in 2021. After criticism about the excessive energy consumption, stricter action was taken against miners worldwide. China in particular acted harshly, which eventually led to a nationwide ban. Meanwhile, many miners who were previously active in China have continued their work in other countries. The United States and Kazakhstan are very popular for this.
The ban from China had disastrous consequences for BTC miners for a while, but the recovery is now well underway. Bitcoin mining is also quite profitable at the moment.
It was announced before the weekend that the largest asset manager in the world, BlackRock, also owns shares of mining companies.
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