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Iran worried about blackouts due to cryptocurrency mining at homes

Business Materials 15 May 2021 14:32 (UTC +04:00)
Iran worried about blackouts due to cryptocurrency mining at homes

TEHRAN, Iran, May 15

Trend:

Cryptocurrency mining at home in Iran is worrisome, especially on the verge of summer, Deputy Managing Director for National Grid Dispatching in Iran Mostafa Rajabi Mashhadi said, Trend reports.

"According to estimations, Iran currently has a share of 8-10 percent of world cryptocurrency mining," he said.

He added that of total cryptocurrency mining farms in Iran some 13 percent work legally, while the rest are illegal, saying that the officials have been able to identify some portion of illegal energy use for cryptomining.

He went on to say that the Illegal cryptocurrency mining farms are scattered across country, but what concerns the electricity industry, especially during the peak electricity consumption periods, is cryptocurrency mining at homes.

“Each miner consumes as much electricity as an air conditioner,” he said.

Rahbi Mashhadi stated that the unauthorized use of household electricity for cryptocurrency mining can cause electricity blackouts.

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