Iran has banned the mining of cryptocurrencies after a series of blackouts across major cities, Bloomberg has reported.

The ban was announced on State TV on Wednesday and it is effective immediately, until September 22. This ban is amidst a growing unease over cryptos energy usage.

The ban follows a regional ban placed on Bitcoin by China. Iranian officials are blaming a surge in mining for blackouts in their cities.

The Iranian government has been cracking down on the 85% of mining that is unlicensed. Subsidised power prices allow miners to run the complex computers that compete to solve mathematical problems and receive Bitcoin as a reward.

The University of Cambridge estimates Iran was home to 3.4% of Bitcoin mining in the first four months of 2020, putting it in sixth place globally.

Iran has 50 licensed mining centers, which are spread across 14 31 provinces and consume a combined 209 megawatts of electricity, grid operator Tavanir said in a statement on Wednesday, according to the semi-official Tasnim news agency.

RECOMMENDED TOPICS FOR YOU 

How to Spot an Investment Scam in 6 Steps

EFCC detains Themap.ng CEO.

LEARN SOMETHING!! EFCC Reveals The Latest Scams In Nigeria, Gives Security Tips

Joshfad Company Ltd have defaulted from paying investors their ROI and their capital

PHOTO OF THE DAY!! Which Song Comes To Your Mind After Seeing This Photo?

You Might Also Like 

MUSIC STAT!! Davido’s ‘Fall’ Becomes First Afro-beat Song To Hit 200M On YouTube

OMG!! Joeboy Reveal A Shocking Secret About Himself (You Won’t Believe It)

BREAKING NEWS!! Manchester City Thrash Liverpool 4 – 1 In The EPL (Watch Highlight)

The Coronavirus Pandemic Has Humbled Me – Tiwa Savage

“If You Can’t Pay One Million Dollar For My Bride Price, Please Shift” – Nigerian Woman Says

Beautiful photos of Davido and Chioma in traditional wedding outfits hit the internet

Chris Brown debuts Air Jordan 3 face tattoo (Photo)

“I Am The Best Since Fela Kuti”, Burna Boy Declares – Do You Agree With Him?

DROP A COMMENT

 . .  . 

Join our 18,392,012 Subscribers

Get latest Music & Entertainment Gist updates

TRENDING SONGS RIGHT NOW

Bella Shmurda – World

Peruzzi Ft. Tiwa Savage – Matrimony

Cheque Ft. Fireboy DML – History

Areezy – One Life

0 0 vote
Article Rating
Subscribe
Notify of
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

[…] READ: Iran Bans Cryptocurrency Mining […]

Leave a Reply

Your email address will not be published.

%d bloggers like this: