Iran sets date to lift cryptocurrency mining restrictions

On September 22, 2021, Iran will lift the ban on digital asset mining, introduced in late spring. Financial Tribune, citing the state energy holding company Tavanir, reports.

There, they expect energy consumption in the country to fall by the end of summer. This will create conditions for legal miners to operate, said the company representative Mostafa Rajabi Mashhadi.

Earlier, the Iranian Ministry of Industry issued 30 licenses to companies involved in cryptocurrency mining.

In January, authorities closed 1,620 illegal mining centers, which together consumed 250 MW of power.

In May, Reuters sources reported the seizure of 7,000 devices for cryptocurrency mining at an abandoned factory in western Tehran.

Analysts from Elliptic estimate that Iran accounts for 4.5% of all Bitcoin mining. Digital assets allow the country to bypass sanctions and purchase imported goods.

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