Iran to Shut Down Licensed Crypto Miners in Peak Hours of Power Consumption – Mining Bitcoin News

Iran is planning to ban the use of mining cryptocurrency in peak hours of power consumption. The country’s power ministry has reportedly requested that the country’s energy-producing firms to produce at least 10,000 megawatts of electricity. The request is part of Iran’s plan of halting the use of cryptocurrency mining software for about a year. Iran’s power ministry has requested that the country’s energy-producing firms to produce at least 10,000 megawatts of electricity, according to a report published on the Persian-language news website Financial Tribune March 19. The request is part of Iran’s plan of halting the use of cryptocurrency mining software for about a year. The country’s power ministry has reportedly requested that the country’s energy

The Iranian government has declared that there will be a complete ban on the mining of cryptocurrencies in the country, and over the next few weeks, will be removing all mining operations from the country. According to an official declaration from the government, the reason for this decision is that “mining of cryptocurrency is an illegal and unauthorized activity in the Islamic Republic of Iran”.

The Iranian Parliament is stepping in to put an end to the country’s licensed cryptocurrency mining operations. The country’s government is pushing to limit mining operations to only one hour per day, as a way to conserve electricity and save money.. Read more about iran bitcoin news and let us know what you think.

Iran will shut down mining farms for cryptocurrencies during peak consumption because the power supply for other users must remain stable. Measures to address this shortfall will focus on licensed sites, although the government acknowledges that illegal cryptocurrency miners consume much more energy.

Miners licensed for crypto-currency use 300 MW, illegal companies consume 2,000 MW

According to official data, organizations licensed to mine cryptocurrencies in the Islamic Republic consume up to 300 megawatts (MW) per day, ISNA news agency reported. This amount of electricity can be saved to maintain the balance and stability of the power grid, said Mostafa Rajabi Mashhadi, spokesman for Iran’s Energy Ministry in charge of the electricity sector. Iran to Shut Down Licensed Crypto Miners in Peak Hours of Power Consumption – Mining Bitcoin News At the same time, estimates based on recorded load show that unlicensed cryptomining centers currently consume more than 2,000 MW of electricity. The Iranian government considers this operation to be illegal and points out that these power stations are rarely connected to the electricity grid as they should be. This overloads the distribution transformers and causes further damage to the infrastructure. Unlicensed miners have been blamed for power outages in Iran, and Mashhadi said illegal consumption was responsible for the fluctuating supply. The official urged people who mine cryptocurrencies using household electricity to turn off their devices immediately. He warned that if such minors are identified, their equipment will be confiscated and their belongings removed. They also face heavy fines.

Iran’s electricity deficit reaches 5,000 MW

Earlier this month, state energy company Tavanir said Iran is facing a daily energy shortage of about 5,000 MW. CEO Mohammad Hassan Motewalizadeh cited the mining of cryptocurrencies as one of the main drivers of the imbalance in the system, with the other three being climate and agriculture. Low rainfall increased the need for irrigation and depressed hydroelectricity generation, while high temperatures increased electricity consumption. Iran to Shut Down Licensed Crypto Miners in Peak Hours of Power Consumption – Mining Bitcoin News Motevalizadeh said cryptocurrency licensed miners will be disconnected from the network during periods of high usage and that Tavanir will work with other government agencies to crack down on illegal mining activities. He requested Iranians who want to start mining digital currencies to do so after obtaining the necessary permits from the government. Mostafa Mashhadi also urged vigilant citizens to report all illegal activities related to mining and unauthorized use of electricity. The Tavanir website now has a dedicated page for this purpose, and Iranians who share verified information about unlicensed data centers will be rewarded, an Energy Ministry spokesman said. What do you think of Iran’s actions regarding the mining of cryptocurrencies in the country? Share your thoughts on this topic in the comments section below.

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Confiscation, consumption, crypto, cryptocurrencies, electricity, energy, energy ministry, farms, fines, imbalance, Iran, Iranians, Islamic Republic, miners, energy supply, shortage, Tavanir Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Iran is the first country to consider the cryptocurrency mining a threat to its power grid, and since it is the world’s fifth-largest energy producer, this is big news. The country’s Energy Ministry has proposed a bill that would ban the mining of cryptocurrencies by domestic companies, as well as exempts a variety of other industries from using electricity for any purpose. The bill was introduced to the Iranian parliament earlier this week, and it would be “the first bill of its kind” in the world, according to Fars News, the news agency that first reported on the proposal.. Read more about bitcoin mining news and let us know what you think.

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