Iran Imposes Temporal Ban on Cryptocurrency Mining

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Iran has just made a controversial move regarding cryptocurrency mining after the country’s authorities have decided to ban crypto mining temporarily.

As reported by the Iranian president Hassan Rouhani on state TV, cryptocurrency mining will be banned in the country until September 22. The ban will come into effect immediately.

Bloomberg has reported the measure has been adopted by the country as an attempt to avoid power outages during the summer, when the demand for electricity increases in the country.

Some major Iranian cities have suffered outages in the past due to the high consumption of electricity made by cryptocurrency miners, so this measure is aimed at preventing this from happening.

However, it is not clear whether the prohibition will have the desired effects, since miners always have the possibility of continuing their activity illegally by hiding their ASIC devices on mosques or even at home.