Crypto Mining Blamed for Up to 20% of Iran’s Power Imbalance
Main Idea
Crypto mining is responsible for up to 20% of Iran's power imbalance, leading to increased enforcement against unauthorized mining operations.
Key Points
1. Crypto mining contributes to 20% of Iran's electricity shortfall, equivalent to nearly 2,000 megawatts (MW).
2. Over 900,000 unauthorized mining devices were shut down, reducing power usage by 2,400 MW.
3. Iran has seized more than 250,000 illegal mining rigs across multiple provinces.
4. Despite China's 2021 mining ban, Chinese capital, hardware, and expertise still dominate global Bitcoin mining.
5. Major Chinese manufacturers like Bitmain, Canaan, and MicroBT have shifted production to the U.S. to avoid restrictions.
Description
Iranian officials have raised concerns over the rising strain crypto mining is placing on the nation’s electricity grid, claiming that the activity now contributes to as much as 20% of the country’s energy imbalance. Key Takeaways: Iranian officials say crypto mining now contributes up to 20% of the country’s electricity shortfall. Over 900,000 illegal mining devices were recently shut down during a nationwide internet outage. Authorities are ramping up enforcement, seizing over 250,000 unauthor...
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