Iran government announced that they would be lifting a mining ban and allowing legal mining operations to resume effective September 22.
Tavanir, the Iranian power company, said that the ban on cryptocurrency mining would be lifted as early as September 22nd. They also announced plans to unveil their own digital currency next year!
Iran reintroduces cryptocurrency mining
Iran’s government is lifting the ban on cryptocurrency mining in September. This means that companies will be allowed to do it legally. This change will happen after a recent report from Tavanir, Iran’s state-owned telecom service provider.
The Iranian government had recently imposed strict restrictions on electricity use for cryptocurrency mining because they thought the unstable power would cause blackouts.
Mostafa Rajabi Masshhadi, Tavanir’s spokesperson, said that the months when the country consumes most energy are ending. Legal mining of virtual assets will be possible again due to the cooler temperatures.
The Iranian government has taken stringent measures to halt illegal mining operations and apprehend those responsibly in recent months. For instance, in June, Iran’s police seized 7,000 excavators from Tehran.
Tavanir has seized over 212,000 illegal devices in the last 12 months. According to reports, these machines cost the power grid approximately $ 4 billion. Illegal mines consume between 2000 and 3000 MW of electricity per day; it’s worth noting. This figure represents half of the capital’s daily energy consumption.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.