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Iran to Ban Crypto-Mining Until March 6th to Save Power

This marks the 2nd time the country has had to issue a shutdown of crypto mining centers in order to ease its power plant strain.

iran
Photo Bisual Photo / Envato

Iran calls for the shutdown of cryptocurrency mining centers for the second time in the year in an attempt to avoid blackouts, as well as ease the strain on the country’s power plants, according to Mostafa Rajabi Mashhadi, says a report from Bloomberg.

Rajabi Mashhadi serves as the director of the state-run Iran Grid Management Co. and is a spokesperson for the power industry of Iran. This ban’s going to be in place all the way up to March 6th and will aim to free up a total of 209 megawatts of power for the household sector, which is what Rajabi Mashhadi said in a TV interview. Illegal mining is also something the authorities are cracking down on, both one’s carried out individually as well as the more industrial-scale ones, he added.

These operators are unlicensed, and consist of the biggest crypto mining share throughout the country, consuming up to more than 600 megawatts of power.

There are other methods of fuel-saving that shall go into effect on top of this, such as turning off the street lights in some areas and the regulation of electricity consumption in offices, too. The government expects to see 60% more production of power in the summer, said Rajabi Mashhadi in the interview.

Once before, Iran also banned electricity earlier in the year during a series of blackouts that was partly due to a series of power surge in the energy-intensive process.

Though China served as the country for the majority of crypto mining, that changed this year following a nationwide ban which resulted in sending operators to other nations, especially those offering cheap power. However, this ended up putting immense pressure on the power grids, which resulted in countries like Iceland and Kazakhstan to place limits on the industry.

Iran saw its daily gas demand in the household sector skyrocket to a total of 570 million cubic meters per day for the first time ever on record. Though, the country has “maxed out” the production of natural gas at 800 million cubic meters a day, per the National Iranian Gas Co. according to a statement made last week. This demand, being excessive, is what’s forced the reduction of electrical supply to industrial units.

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