Government Of Iran Has Banned Bitcoin (BTC) Mining Prior To the Peak Electricity Season
The Iranian government have announced that Bitcoin [BTC] mining activities have been banned in the country, as the energy consumption of mining a single Bitcoin has reached a huge level and it is negatively impacting the environment. As the country is heading towards a tough peak electricity season, the government has banned Bitcoin mining activities. The news was shared by the Iranian government’s High Council of Cyberspace (HCC) in a public statement published on the body’s official website. The statement reads: “It has been decided that the special committee review the possibility of completely banning Bitcoin mining in Iran.” The ban is expected to reduce the use of electricity by more than half. Earlier, the Iranian government had warned that
To my knowledge, there has not been a single country that has banned bitcoin mining prior to the peak electricity season. This is because bitcoin mining is not done with the use of electricity. That said, the government of Iran has banned bitcoin mining prior to the peak electricity season. That is because mining bitcoin is done using the electricity produced in Iran. Bitcoin mining is done using computers. And these computers consume electricity. The electricity in Iran is provided by a network of power plants. Iran has a semi-private energy sector. This means that the government is involved in the energy sector. The government of Iran owns two major companies that provide electricity to the people of Iran. These two companies are the Iran Power Generation and Transmission Company (TAVA) and
After the market crash in January, and the price of bitcoin (BTC) rising to $20,000, the Government of Iran has decided to curb any further damage to its economy. It has banned all bitcoin mining operations in the country, citing energy concerns.. Read more about iran bitcoin mining and let us know what you think.
Iran has banned miners from supporting Bitcoin and other crypto-currency networks ahead of the summer season, when the country has high electricity consumption. President Hassan Rouhani announced the ban Wednesday on state television, saying that about 85 percent of existing bitcoin mining activities in Iran are illegal. To combat money laundering, China has made cryptocurrency trading illegal since 2019, and on the one hand, Iran apparently sees cryptocurrency mining as a source of revenue for the state. In this regard, Iran and China are working together to prevent the mining of cryptocurrencies. JUST IN | Iran bans mining of energy-intensive cryptocurrencies like bitcoin after rise in consumption leads to power cuts in major cities https://t.co/KngKCV7wbH via @crypto – Bloomberg Crypto (@crypto) May 26, 2021
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China has already announced new restrictions on cryptocurrency mining in the country, which comes after numerous fatal accidents in coal mines in different parts of China. As the demand for electricity generated by bitcoin mines has increased, these mines have come on line without regulatory approval. Increased demand for coal has prompted some producers to restart idle mines without regulatory approval, leading to increased safety risks and a rise in fatal incidents this year. China’s latest ban on mining crypto-currency has pushed bitcoin well below $40,000, with BTC coming perilously close to the $30,000 mark. However, the price of the leading cryptocurrency has again reached the psychological price level of $40,000 today. Bitcoin has a market value of $742,645,856,339 and a trading volume of $55,170,597,224 at the time of writing. Last week, Elon Musk and Michael Saylor met with leaders of the leading bitcoin miners in the United States to discuss the transition to renewable energy and the creation of the Bitcoin Mining Council. Yesterday I had the pleasure of hosting a meeting between @elonmusk and the leading bitcoin miners in North America. Miners have agreed to form a Bitcoin Mining Council to promote energy transparency and accelerate sustainability initiatives around the world. https://t.co/EHgLZ9zvDK – Michael Saylor (@michael_saylor) May 24, 2021 On the 26th. In May, Iran’s president said on local television that the ban on bitcoin mining in the country would be extended until the end of September. He added that 85% of Iranian miners work without permits, and even miners with permits could be forced underground by this decision. The rush to cryptocurrencies, the rise of manufacturing industries and the drought that has led to a decline in hydroelectric power generation are all factors that officials blame for the power outages affecting business and daily life in Iran. The decision could push the licensed minority into the black market, which authorities are also trying to combat, even enlisting the help of spies to track down illegal miners hiding computers in homes to mosques. Frequent power cuts in a number of major cities have also prompted the government to take this step.The government of Iran has reportedly banned Bitcoin (BTC) mining. According to a report by IFP, a state-controlled Iranian news agency, the ban was made to reduce the electricity consumption that is growing at an exponential rate. The news about Iran’s mining ban has previously been reported by the National Council of Resistance of Iran, which has close ties to the People’s Mojahedin Organization of Iran (MEK), a party that has been legally banned from the Iranian parliament.. Read more about how much bitcoin does iran have and let us know what you think.
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