Iran's relationship with cryptocurrencies seemed to be moving forward in a positive way. Last year the Asian country issued licenses for crypto miners and formulated a bill to regulate digital currencies; now, it will restrict the energy of cryptocurrencies, this as a response to the energy crisis they are going through.
For years the country has heavily subsidized its electricity production, which has led to extremely low prices. He says this has now become unsustainable.
According to a report by Bloomberg, there will be 118 legal crypto mining centers that will be banned from energy from next June 22, before seasonal spikes in energy demand increase, said Mostafa Rajabi Mashhadi, spokesman for Iran's energy industry. , in an interview with state television.
Quoting via Twitter, Mashhadi stated:
"Last week, the country's electricity consumption recorded an all-time high of 62,500 megawatts (MW) during peak consumption, which is a significant figure. According to forecasts, this week's consumption requirement will exceed 63,000 MW, which means we must limit electricity supply ."
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https://cointelegraph.com/news/iranian-government-to-cut-power-supply-for-the-country-s-legal-crypto-mining-rigsIt shouldn't be a surprise to anyone as they've repeatedly cracked down on cryptocurrency miners in the past. They have a finite energy supply and are under a lot of pressure due to the long term sanctions against the country, so they are being rather resourceful with what they have available. In the peak summer months you can bet that the energy grid is under huge strain, as all those air conditioners add to the base load that is required. It eases off a bit in the winter months, when the energy supply can be freed up a bit and the miners are likely to be allowed back online. It's actually rather smart management and reduces the amount of waste at the expense of average consumers.