Iran imposes a full ban on cryptocurrency mining until September

Iranian authorities banned the mining of digital assets until the end of summer 2021. This was reported by Iran Front Page citing a statement by President Hassan Rouhani.

According to him, authorised cryptocurrency mining consumes about 300 MW, while unauthorised — 2,000 MW.

«From today, the ban on cryptocurrency mining takes effect even for authorised miners», said Rouhani.

Earlier, Bloomberg reported that Iran connected the Ministry of Intelligence and National Security to the fight against illegal cryptocurrency mining.

The reason was a shortage of electricity, caused by rising consumption in other sectors and dry weather. The latter limited the operation of hydroelectric plants.

In April, the Central Bank of Iran allowed banks and other licensed financial institutions to use cryptocurrency to pay for imports.

In January, authorities shut down 1,620 illegal mining centres — which, in total, consumed 250 MW of power.

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