• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
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.

RelatedStories

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 

Bitcoin drops to $60,000 following Iran’s Missile attack on Israel  

October 2, 2024
What Israeli-Hamas war means for Nigeria’s economy 

Oil prices rise by $1 as Iran launches attack on Israel 

October 2, 2024

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.

Tags: Bitcoin MiningIran
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 
Cryptos

Bitcoin drops to $60,000 following Iran’s Missile attack on Israel  

October 2, 2024
What Israeli-Hamas war means for Nigeria’s economy 
Energy

Oil prices rise by $1 as Iran launches attack on Israel 

October 2, 2024
UN Human Rights Commission warns of wider Middle East conflict amid Iran’s attack on Israel, seeks de-escalation  
Cryptos

Israel-Iran conflict triggers Bitcoin to temporary dip below $60,000

April 19, 2024
UN Human Rights Commission warns of wider Middle East conflict amid Iran’s attack on Israel, seeks de-escalation  
Business News

Nigerian Government tasks Iran, Israel on global peace, security

April 15, 2024
US helps Israel shoot down nearly all Iranian missiles as Middle Est crisis escalates
Business News

US helps Israel shoot down nearly all Iranian missiles as Middle Est crisis escalates

April 14, 2024
UN Human Rights Commission warns of wider Middle East conflict amid Iran’s attack on Israel, seeks de-escalation  
Breaking News

UN Human Rights Commission warns of wider Middle East conflict amid Iran’s attack on Israel, seeks de-escalation  

April 14, 2024
Next Post

2021 H1 Results: Royal Exchange half year profit slumps by 62% to N233.12 million.

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Oyo Govt approves N63.4 billion to renovate Government House 
  • NDLEA to establish full-scale drug control operations at Benin Airport 
  • US, Federal High Court sign MOU to strengthen terrorism financing adjudication across Nigeria 

Follow us on social media:

Recent News

Oyo State to upgrade primary health centers to 24 hours medical centers

Oyo Govt approves N63.4 billion to renovate Government House 

June 18, 2025
NDLEA to establish full-scale drug control operations at Benin Airport 

NDLEA to establish full-scale drug control operations at Benin Airport 

June 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics