Small problem: Rohani stops cryptocurrency mining amid Iran blackouts

OPEC member Iran has halted cryptocurrency mining for four months after being partly blamed for causing blackouts in some cities.

Cryptocurrency “ miners ” – such as Bitcoin – use high powered computers in the mining process, which can be very energy intensive.

Although Iranian President Hassan Rouhani told a Cabinet meeting this week that the main reason for the power cuts was a drought affecting hydropower production, he also pointed to crypto mining. currency as a cause.

He said such mining drained 2 gigawatts per day from the national grid.

The vast majority of cryptocurrency mining in Iran is unlicensed, with Rouhani placing the figure at 85%.

“Now everyone has a few miners hanging around and producing Bitcoin,” Rouhani said at the May 26 cabinet meeting.

Although licensed miners in the country have already agreed to shut down the activity in a bid to ease the burden on the grid, Rouhani said unlicensed mining activity was responsible for much more energy consumption. high and ordered that all such cryptocurrency mining activities cease until September 22.

The electric car giant Tesla recently scrapped vehicle purchases with Bitcoin due to concerns about the impacts of climate change created by the cryptocurrency mining process.

Previous RSA Christchurch Headquarters and Restaurant for sale after liquidation
Next 2021 Global External Fixators Market SWOT Analysis - Orthofix International NV, Stryker Corporation, Zimmer Biomet Holdings Inc. - The Courier