Cryptocurrency miners in Iran slow down due to power outage in country

Business Materials 31 May 2021 17:10 (UTC +04:00)
Cryptocurrency miners in Iran slow down due to power outage in country

TEHRAN, Iran, May 31


An order by Iran's president to ban cryptocurrency mining was issued in an urgent situation with power outage in the country, but this order did not turn into a law by the parliament, head of Iran's Blockchain Association Sepehr Mohammadi told Trend.

"The order was issued by the president in a critical situation, and the miners turned off their mining devices voluntarily for the past two weeks," Mohammadi said.

"The cryptocurrency mining farm in the Rafsanjan Special Economic Zone has specifically turned off all their crypto mining devices. The miners follow the country's regulations," he pointed out.

"Iranian cryptocurrency miners' power consumption in Iran is estimated to be between 1,000 to 2,000 megawatt per day," he said.

"The Ministry of Energy's pricing policy for miners' energy bills was set in a way that would reduce the number of legal miners. Meanwhile, the big number of miners prefer to work unofficially, which caused the power outage. Working a certified miner is not profitable," he said.

"Mining is not profitable in Iran, this economic opportunity has been lost due to carelessness and miners are working in houses and some factories, secretly," he said.

Mohammadi also pointed out that around 250,000 mining devices are unofficially working from homes in Iran.