Iran halts authorized crypto mining to save energy for winter

Local energy authorities decided to stop operating authorized cryptocurrency mining centers in Iran, as Iran’s winter energy consumption has increased.

Mostafa Rajabi Masshhadi, Chairman of the Board and managing director at Iran Grid Management Company (Tavanir), stated that Iran will shut down its crypto mining centers to reduce liquid fuel consumption in power stations due to decreasing temperatures.

Mashhadi stated that the Iranian authorities took this step to reduce energy consumption in December, according to The Islamic Republic of Iran Broadcasting. (IRIB), Dec. 25.

He stated that the Energy Ministry had been taking measures to reduce the use liquid fuels in power plants since last month. These included cutting off power to licensed crypto farms, turning off lampposts at less risky locations, and strict supervision of consumption.

The executive stressed the importance of conserving energy in Iran and urged citizens to cut down on their gas and electricity consumption. Local reports indicate that 70% of Iran’s fuel is used to heat buildings. According to reports, the new energy-saving measures will reduce energy consumption by at most 40%

The Iranian government has been working to stop illegal crypto miners, while enforcing restrictions for authorized crypto mining operators. Late November saw local energy authorities announce that they had seized 222,000 mining equipment used in illicit mining crypto.

Related: Iran Blockchain Association calls for a special council on crypto laws

Iran is home to 4.5% to 7.7% of the global Bitcoin (BTC), hash rate. Iran had previously placed a temporary ban on crypto mining during summer due to historically high power demand and high temperatures. As the Iranian power grid became stabler, the ban was lifted in September.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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