Iran Cuts Power Supply To Crypto Mines;

Iran’s Ministry of Energy has decided to reduce the supply of electricity given to the country’s licensed crypto mining units.As report By Tehran Times, this decision will take place next Wednesday. Measures have been taken to stop access to electricity to unauthorized mines.

The power of the licensed cryptocurrency mining unit will be cut off from the beginning of the next Tir of the Iranian calendar month (Wednesday, June 22nd) to the end of the limit.

Saving country domestic electricity supply

The Iranian government granted 1,000 cryptocurrency mining licenses to mine tokens in January this year. Currently, 118 licensed mines are using the national power supply. The country recorded consumption of 62,500 megawatts (MW) last week. Electricity consumption is expected to exceed the 63,000 MW standard, which limits supply to the country.

Last year, the Iranian government banned the mining of cryptocurrencies to save the country’s electricity supply. At that time, illegal mines were recorded to consume nearly 600 megawatts of electricity. The ban is in effect until the beginning of March this year. It was estimated that the domestic sector would release up to 209 MW of electricity.

Steps to stop illegal mining

Iran has been tackling the problem Illegal mining For the longest time now. In 2019, the government approved a cryptocurrency mine that works in Iran. At the beginning of 2020, about 1,000 mines were licensed to use power. This has led to an increase in the country’s mining activity. However, some illegal mines have begun to use domestic supplies to cast tokens.

In 2021, the Iranian minister also warned unauthorized miners to pay large fines for the damage caused to the country’s electricity resources due to their actions. Cryptocurrency mining is exacerbating the problems of Iran’s electrical industry and its resources, which are already suffering from climate problems such as drought and lack of rain.