{"id":346822,"date":"2021-10-01T08:08:17","date_gmt":"2021-10-01T05:08:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/billion-dollar-bitcoin-mining-industry-resumes-in-iran-after-three-month-ban\/"},"modified":"2021-10-01T08:08:17","modified_gmt":"2021-10-01T05:08:17","slug":"billion-dollar-bitcoin-mining-industry-resumes-in-iran-after-three-month-ban","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/billion-dollar-bitcoin-mining-industry-resumes-in-iran-after-three-month-ban\/","title":{"rendered":"# Billion dollar Bitcoin mining industry resumes in Iran after three month ban"},"content":{"rendered":"<p>&#8220;<strong># Billion dollar Bitcoin mining industry resumes in Iran after three month ban <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvNTEzM2YyNjEtMDZjNC00OGEzLWE5MGYtNmNhMjEzZDA1Y2RiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The Iranian government will allow licensed cryptocurrency miners to resume operations today following a three-month ban imposed by former President Hassan Rouhani on May 26th, 2021.<\/p>\n<p>The initial ban was put into effect due to concerns over the stability of the country\u2019s unreliable power grid.<\/p>\n<p>The middle eastern country experienced widespread power outages in the summer, which former President Rouhani attributed to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/iranprimer.usip.org\/blog\/2021\/jul\/13\/iran-suffers-twin-power-water-crises\">extreme heat<\/a>. On some days, the heat topped <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/iranprimer.usip.org\/blog\/2021\/jul\/13\/iran-suffers-twin-power-water-crises\">120 degrees<\/a> Fahrenheit, or nearly 49 degrees Celsius.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Middle East and Central Asia are under the harshest heat wave in history for this time of the year. In <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Iran?src=hash&amp;ref_src=twsrc%5Etfw\">#Iran<\/a> 51.0C at Omidieh,50.1C at Abadan,45.5C at Bam (920m asl). In Turkmenistan 46.7C Uchadzhi,in Uzbekistan 44.7C at Termez,in Tajikistan 43.7C at Isambaj (563m). <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AQ5bpt93vM\">pic.twitter.com\/AQ5bpt93vM<\/a><\/p>\n<p>\u2014 Extreme Temperatures Around The World (@extremetemps) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/extremetemps\/status\/1401249849035706372?ref_src=twsrc%5Etfw\">June 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>In light of the power outages and a water shortage, Rouhani decided to ban crypto mining during the heat to ensure citizens could keep their air conditioners running \u2014 although doubts have been expressed in some quarters about how much power crypto mining actually uses in the country. With the heat dying down and Ebrahim Raisi taking office as president on August 3rd, 2021, the crypto mining ban has been lifted.<\/p>\n<p>An estimated <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-middle-east-57260829#:~:text=President%20Hassan%20Rouhani%20told%20a,mining%20takes%20place%20in%20Iran.\">4.5%<\/a> to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.iranintl.com\/en\/20210930215161\">7%<\/a> of the world\u2019s cryptocurrency mining is done in Iran. It may come as little surprise that Iran boasts some of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.statista.com\/statistics\/263492\/electricity-prices-in-selected-countries\/\">cheapest electricity<\/a> prices in the world thanks to abundant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.eia.gov\/international\/analysis\/country\/IRN#:~:text=figure%20data-,Electricity,nearly%2073%25%20of%20total%20generation.\">fossil fuel resources<\/a> such as natural gas. <\/p>\n<p>There are some reports that suggests the country looks favorably on Bitcoin mining as a way to evade sanctions from the United States. Iran currently suffers from a near-complete embargo by the USA, negatively affecting the nation\u2019s economy. At current estimated levels of mining in Iran, revenues are estimated by Elliptic via <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/iran-uses-crypto-mining-lessen-impact-sanctions-study-finds-2021-05-21\/\">Reuters<\/a> to be around $1 billion.<\/p>\n<p>Despite the ban, underground mining reportedly continued and on Wednesday <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> broke that Ali Sahraee, the director of Teheran\u2019s Stock Exchange (TSE), had resigned after the state-run <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> reported that cryptocurrency mining was taking place at the exchange during the ban.<\/p>\n<p>TSE leadership first denied the existence of the mining operation, but later executive deputy director Beheshti-Sarsht admitted that the TSE should be held accountable for the operation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/billion-dollar-bitcoin-mining-industry-resumes-in-iran-after-three-month-ban\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Billion dollar Bitcoin mining industry resumes in Iran after three month ban &#8221; The Iranian government will allow licensed cryptocurrency miners to resume operations today following a three-month ban imposed by former President Hassan Rouhani on May 26th, 2021. The initial ban was put into effect due to concerns over the stability of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":346823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvNTEzM2YyNjEtMDZjNC00OGEzLWE5MGYtNmNhMjEzZDA1Y2RiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,70984],"class_list":["post-346822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-iran"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=346822"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/346823"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=346822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=346822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=346822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}