Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

Iran resumes Bitcoin mining operations after 3-month ban

Ajibola Akamo by Ajibola Akamo
October 4, 2021
in Cryptos, Markets, Spotlight
The technology that powers Bitcoin
Share on FacebookShare on TwitterShare on Linkedin

After the former President of Iran, Hassan Rouhani, put a ban on cryptocurrency mining as a result of power outage issues for three months, the Iranian government has now lifted the ban. This means that all licensed cryptocurrency miners can resume operations today.

As mentioned, the ban was put into effect due to concerns over the stability of the country’s power grid. The country experienced widespread power outages in the summer, which was attributed to extreme heat.

Due to the power outages, the former President decided to ban crypto mining during the summer to ensure citizens can keep their air conditioners running, although doubts have been expressed in some quarters about how much power cryptocurrency mining actually uses in the country. With the heat dying down and Ebrahim Raisi taking office as the new President, the crypto mining ban has been lifted.

Crypto mining in Iran

An estimated 4.5% to 7% of the world’s cryptocurrency mining is done in Iran. The country has one of the cheapest electricity prices in the world thanks to abundant fossil fuel resources such as natural gas.

Some reports suggest that Iran’s favourable outlook on Bitcoin mining is a way to evade sanctions from the United States. Iran currently suffers from a near-complete ban by the USA, negatively affecting the nation’s economy. At current estimated levels of mining in Iran, revenues are estimated by Elliptic via Reuters to be around $1 billion.

Bottomline

Despite the ban, underground mining reportedly continued and on Wednesday news broke that Ali Sahraee, the director of Teheran’s Stock Exchange (TSE), had resigned after the state-run media reported that cryptocurrency mining was taking place at the exchange during the ban.

TSE leadership first denied the existence of the mining operation, but later executive deputy director, Beheshti-Sarsht admitted that the TSE should be held accountable for the operation.

Related

Tags: Bitcoin MiningIran

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • NIBSS says e-payments hit N114.8 trillion between January and April 2022
    • Presco depreciates by 10%, loses N20 billion in market value
    • NSIA records Total Income of N147 billion in 2021

    Follow us on social media:

    Recent News

    PAPSS collaborates with Buna to build payment gateway between Africa and the Arab region

    NIBSS says e-payments hit N114.8 trillion between January and April 2022

    May 24, 2022
    Presco Plc Oil Production

    Presco depreciates by 10%, loses N20 billion in market value

    May 24, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com