certify
Home arrow Article arrow Article Detail

Iranian government to cut power supply for the authorized crypto mining rigs

Profile Image

Joyashree Dey Follow

INDIA

Jun, 29 2022

Jun, 29 2022

likes | comments 0

Article Image

The electricity of all legal cryptocurrency mining units will be cut off from the start of the next Iranian calendar month Tir (Wednesday, June 22) for the rest of the restriction, Mostafa Rajabi Mashhadi, the Spokesperson of the Iranian Energy Ministry for the electricity sector declared.

At present, there are 118 government-approved cryptocurrency mining units in the country, which must remove their electricity supply from the national grid from the very outset of the following month, the spokesperson emphasized.

Last week, the country's power utilization recorded a record of 62,500 megawatts (MW) during peak consumption, which is a huge figure, he said, adding that as per forecasts, the consumption necessity this [Iranian calendar] week (ends on Friday) will surpass 63,000 MW, which implies a restricted supply of electricity.

Because of international sanctions, misses the mark on the investment required in power generation capacity and natural gas production to keep up with consumption. Following the Iranian government’s approval of cryptocurrency mining as industrial activity in 2019, numerous companies started mining cryptocurrency across the country thanks to the very low-cost electricity, and now Iranian power plants began to consider this industry to be a chance to expand their incomes.

In January 2020, the Ministry of Industry, Mining and Trade gave over 1,000 licenses for crypto mining units.

Notwithstanding the approved units, a few unauthorized miners have also begun involving household electricity for cryptocurrency mining and this has made significant issues for the country’s electricity industry which is already facing serious problems created by reduced rainfall & drought.


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
India's money laundering act now applies to variety of crypto operations

Prevention of Money-Laundering Act (PLMA) of 2002 now applies to a variety of cryptocurrency operations, including the exchange, transfers, custody, and administration of virtual assets..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.