Media: Iran lifts restrictions on cryptocurrency mining

Media: Iran lifts restrictions on cryptocurrency mining

Iranian authorities have lifted a ban on cryptocurrency mining and allowed licensed miners to resume operations, reports Iran International.

NEW: #Iran has permitted licensed cryptocurrency mining machines to resume operations after a three-month lull ordered by former President Hassan Rouhani.

At the end of May, Iran imposed restrictions on mining due to power shortages caused by increased electricity consumption in other sectors and dry weather. On some days, temperatures in the country exceeded 50° C.

Middle East and Central Asia are under the harshest heat wave in history for this time of the year. In #Iran 51.0C at Omidieh,50.1C at Abadan,45.5C at Bam (920m asl). In Turkmenistan 46.7C Uchadzhi,in Uzbekistan 44.7C at Termez,in Tajikistan 43.7C at Isambaj (563m).

The broadcaster did not rule out Iran temporarily banning cryptocurrency mining again this winter "due to a lack of electricity due to a lack of investment in the sector".

Iran accounts for 4.5 per cent of all bitcoin mining, according to analysts at Elliptic. Digital assets allow the country to circumvent sanctions and buy imported goods.

Earlier, Iran's Ministry of Industry issued 30 licences to companies related to cryptocurrency mining.

Recall that in January, the country's authorities shut down 1,620 illegal mining centres, which together consumed 250 MW of power.

In May, Reuters sources reported the seizure of 7,000 cryptocurrency mining devices at an abandoned factory in western Tehran.

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