Iran Suspends Approved Crypto Mining To Save Winter Energy

The Iranian government has also ordered licensed miners to stop working due to power shortages during the winter months. According to earlier reports, Iran has temporarily banned cryptocurrency mines amid heavy summer energy demand. However, following previous restrictions, licensed crypto-mining organizations resumed mining in September

Crypto Mining Farms Close Down

The Iranian government is now taking steps to reduce consumption and prevent power shortages. This is due to rising national demand for energy in the coming winter months. Following the restrictions, there is an expected negative impact on the growing crypto industry.

Iran Power Generation, Distribution, and Transmission Company, Tavanir, recently authorized crypto mining facilities to deploy their power-hungry machines. This also applies to the English business newspaper Financial Tribune.

Tavanir’s president, Mohsen Rajabi Mashhadi, has said Iran is shutting down crypto mining facilities to reduce energy consumption from the power station as the weather gets colder. According to Mr. In chart, Iran’s energy use dropped when authorities shut down power plants due to high temperatures. Iran Broadcasting reported on Saturday that this was due to efforts to save energy.

According to the official announcement, power outages on authorized crypto farms are part of a much wider range of energy savings. Other alternatives include turning off street lights in safe areas at night and carefully monitoring household energy use.

The chief executive noted that the country needs to use less energy. He also urged residents to reduce energy and gas consumption as much as possible. According to local news reports, 70% of Iran’s energy use is home heating. The introduction of new energy saving measures expects to save at least 40% on energy use.

Iranian Crypto Mining Environment

Iran is one of the largest countries in the world with crypto mines, controlling the estimated 4.5% –7% of the Bitcoin hash rate in the world. In the summer, Iran temporarily shut down crypto mines. The reason for this included the need for historically high energy due to hot temperatures. The ban was lifted in September when the Iranian power grid stabilized.

In addition, the Iranian government has tried to crack down on illegal crypto miners while banning authorized mining operations. At the end of November, authorities announced that they had confiscated 222,000 mining equipment used for illegal crypto mines.

However, the crypto community has rejected the suspension of official mines. This is because authorities believe that licensed miners consume only 300 megawatts (MW) of energy (MW) of power, while black market operators use up to 3,000 MW per day.

In 2019, the Islamic Republic launched a licensing scheme for firms operating in bitcoin mines. However, because registered crypto farms have to buy energy at a higher price and set the export rate, many Iranian miners have chosen to remain secretive and use cheap household electricity.

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