• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, June 18, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Crypto mining banned for 4 months in Iran to save power

by Manasi Varma
May 28, 2021
in Bitcoin, Crypto
Reading Time: 2 mins read
0
Indian Govt will set up a new panel to regulate crypto
TwitterWhatsappLinkedin

Days after a report emerged, claiming that Iran was making use of its extensive Bitcoin mining industry to lower the impact of US sanctions on its economy, it has been revealed that the country has banned crypto mining for the summer.

You might also like

JPMorgan’s “JPMD” Trademark Sparks Surge in Stablecoin Speculation

As Ethereum price approaches $2,500, BAY Miner ensures that holders receive a stable daily income of $9,800

BlackRock Emerges at the Helm as U.S. Ethereum ETFs Soar Past $10 Billion

Both Illegal and Legal Mining to be Banned

Iran banning crypto
Image Credits: European Parliament

The news emerged Wednesday, when President Hadsan Rouhana announced that mining or crypto will be halted for nearly four months, following frequent blackouts in the country. The reason behind the same is the enormous amounts of energy that goes into crypto mining, which makes use of fast-paced computers for carrying out complex mathematical calculations.

The President also claimed that around 85 percent of the crypto mining processes in the country were unlicensed, and performed by illegal miners. He added that the authorised mining does not require much energy, only around 300 megawatts, while unauthorised mining results in the consumption of as many as 2,000 megawatts.

However, the country has decided to put a stop to both, licensed and non-licensed crypto mining operations, in the wake of the problems caused to lives and businesses, by the power outages.

Economic Effects?

It remains to be seen how this move will affect the country’s economy, which has heavily been dependent on mining of Bitcoin and other types of crypto, following the US bans on trades of any sort with Iranian businesses. The country is currently home to around 4 percent of Bitcoin’s present hash rate.

Problems Arising from Crypto Mining

This comes even as many countries rush to support the growing crypto business, setting up huge computer farms for harnessing different types of tokens, which consume a lot of energy, and lead to quite a lot of pollution, especially in terms of emissions and radiations.

Capital city Tehran has been the epicenter of the power outages, along with its neighboring areas. Daily power cuts have become a commonality.

 

 

Tags: #CryptobitcoinIran
Tweet54SendShare15
Previous Post

Google announces new partnership with Shopify to boost e-commerce

Next Post

After SEC case conclusion Ripple might go public, says Brad Garlinghouse

Manasi Varma

A 20-something year old with a flair for writing, a love for reading, and an obsession for KPop. Most amicable person you'll ever meet.

Recommended For You

JPMorgan’s “JPMD” Trademark Sparks Surge in Stablecoin Speculation

by Anindya Paul
June 17, 2025
0
JPMD

On June 15, 2025, JPMorgan Chase filed a trademark application with the U.S. Patent and Trademark office (USPTO) for the term "JPMD" raising eyebrows in the financial and...

Read more

As Ethereum price approaches $2,500, BAY Miner ensures that holders receive a stable daily income of $9,800

by Techstory
June 17, 2025
0
As Ethereum price approaches $2,500, BAY Miner ensures that holders receive a stable daily income of $9,800

BAY Miner, an established cloud mining provider, has released a new mobile application enabling users to mine Bitcoin (BTC), Dogecoin (DOGE), and Litecoin (LTC) for free – eliminating...

Read more

BlackRock Emerges at the Helm as U.S. Ethereum ETFs Soar Past $10 Billion

by Anindya Paul
June 17, 2025
0
BlackRock

Introduction U.S. spot Ethereum exchange-traded funds (ETFs) have reached a historic milestone—together holding a record 3.91 million ETH, equivalent to roughly $10.56 billion under management. Leading this charge?...

Read more
Next Post
After SEC case conclusion Ripple might go public, says Brad Garlinghouse

After SEC case conclusion Ripple might go public, says Brad Garlinghouse

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?