Terra Classic holders would be happiest to know about this upgrade
Evaluating Ethereum’s potential for a sustained short-term recovery
Chainlink [LINK]: Supply shock might be in the works, here’s why
EOS: Recent breakout could mean this for long term holders
STEPN [GMT] holders should know this to remain profitable
Bitcoin’s deep-pocketed investors are doing this but should you
Bitcoin [BTC] traders can open short positions fearlessly because…
Evaluating if Bitcoin [BTC] can see a leg-down to $9k mark
Bitcoin’s thorough on-chain analysis to help you sail through ennui
What will it take for Bitcoin to be the ‘perfect inflationary hedge’
Evaluating Ethereum’s potential for a sustained short-term recovery
Ethereum: This price range can unlock ETH’s breakdown potential
What does Ethereum’s Buterin think about ‘underrated’ crypto-payments
Coinbase introduces Wrapped Staked ETH: Here’s what you need to know
Reasons why Ethereum traders can consider going long this week
Published
on
By
Over the last five months, Iran has seized more than 9,400 cryptocurrency mining equipments, while also dealing with power outages over the summer.
According to Iran International and Kambiz Nazerian, CEO of Tehran Electricity Distribution Company, these mining rigs were found scattered throughout the city.
A majority of that sum is attributable to a massive haul in June, when Iranian police busted up an illegal mining farm and seized 7,000 pieces of equipment, making it the biggest seizure of illegal machinery the nation has ever seen. Even though the country is rich in oil, recurring power outages and water shortages brought on by heat waves have led to protests in numerous towns.
This, a short time after Iranian officials modified several regulations for the cryptocurrency mining sector to make it easier for it to get green power. Licensed miners will now have access to discounted electricity produced nationwide from renewable sources.
The administration frequently cited cryptocurrency mining as a major factor behind the rise in demand. According to the Cambridge Bitcoin Electricity Consumption Index, Iran contributed to 7.5% of Bitcoin’s hashrate in March last year. This, despite sources not specifying whether all the rigs seized were specifically for mining Bitcoin. As of January, Iran’s hashrate had decreased to 0.2%.
Iran stopped all crypto-mining in May for four months as part of measures to tackle rising electricity consumption. In September, the embargo is anticipated to be lifted.
Iran later switched off power to 118 authorized crypto-mining farms in June out of concern that there wouldn’t be enough energy to meet peak demand during the country’s hotter months.
Additionally, between the winter and summer of 2017, the government imposed limitations on Bitcoin mining. And even though licensed miners had to abide by the law, illegal mining activities persisted.
Alireza Managhebi, the Head of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), recently emphasized that for cryptocurrencies to be successfully used as a form of payment for imports, a stable legislative environment is necessary.
According to Ali Salehabadi, the Governor of Iran’s central bank (CBI), the acquisition, trade, and investment of cryptocurrencies are forbidden. Additionally, the Iranian Ministry of Intelligence announced in May that 9,219 bank accounts belonging to 545 people had been closed because of allegedly shady cryptocurrency and foreign currency activities.
The Islamic country was ready to accept cryptocurrency as early as 2017. It revised previously published regulations to permit cryptocurrencies to be used for funding imports in October 2020.
XRP achieves a new milestone, beats even BTC and ETH in…
BAYC, CryptoPunks holders might not be elated to read this NFT report
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
86M votes overwhelmingly in favour of Uniswap Foundation
What does Ethereum’s Buterin think about ‘underrated’ crypto-payments
Coinbase introduces Wrapped Staked ETH: Here’s what you need to know
Coinbase CEO Brian Armstrong concedes to making this ‘mistake’
Celsius countersues KeyFi and alleges ‘incompetence and deceit’
Not happy with your crypto-returns? Survey says you’re not alone
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
