The Iranian government has returned permission to licensed mining companies to mine cryptocurrencies in the country. The temporary ban on mining lasted three months.
In May, the previous President of Iran, Hassan Rouhani, approved a ban on the mining of cryptocurrencies until September 22 due to the overload of mining in the country’s energy networks. In the summer, the Iranian Ministry of Industry and Trade authorized the operation of thirty mining enterprises in the country, but in July the work of licensed mining companies was suspended again.
The ban was imposed due to concerns about the instability of the country’s power grid. During the summer in Iran, there are frequent power outages due to extreme heat, this year the air temperature has risen to 49 degrees Celsius. By the new president, Ebrahim Raisi, the ban on cryptocurrency mining has been lifted.
NEW: #Iran has permitted licensed cryptocurrency mining machines to resume operations after a three-month lull ordered by former President Hassan Rouhani.https://t.co/8jewQuVFXx
– Iran International English (@IranIntl_En) September 30, 2021
However, not all miners complied with the ban. In early September, a local energy company worked with police to uncover and shut down 5,380 illegal mining farms. The number of confiscated equipment was 216,758 units.
In addition, the CEO of the Tehran Stock Exchange, Ali Sahrai, resigned this week after law enforcement found working cryptocurrency mining equipment in the basement of a building.
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