Iran Banning Bitcoin Mining, Reasons Why

NDTV Gadgets 360 Hindi

The cryptocurrency market was experiencing a golden time for the last few years, but this picture has changed for the recent few months. Last week, this market faced a situation of earthquake. The biggest reason for this was China’s ban on cryptocurrency transactions and service. Now the latest news has come that Iran’s President Hassan Rouhani has banned his mining for about 4 months due to excessive energy consumption by cryptocurrencies like bitcoin. The latest news agency report states that many cities in Iran are currently facing a power crisis and this is the reason behind this ban.

The latest report from the news agency Reuters says that on Wednesday, Iran’s President Hassan Rouhani released a televised speech at a cabinet meeting and said, (translated) “Ban on cryptocurrency mining immediately until September 22 Is effective … about 85 percent of the current mining in Iran is unlicensed. ” Bitcoin uses a lot of energy in mining and similarly some other cryptocurrency mining uses a lot of energy. Explain that very powerful computers in mining compete with each other to solve complex mathematical problems. These computers use very powerful graphics cards. To give them power, it often requires electricity made of fossil fuel, in which Iran is quite rich.

The report says that Iran is currently struggling with the problem of electricity and there are blackouts in many big cities of the country, due to which people are criticizing the President. Not only this, there is also a presidential election in Iran next month, so the government has banned mining, attributing cryptocurrency mining to power cuts.

The report further cites blockchain analytics firm Eliptic that around 4.5 percent of bitcoin mining takes place in Iran. Iran had accepted crypto mining in recent years and allowed miners to sell their bitcoins to the central bank, along with cheaper electricity.<!–

–>

For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.

Related news

.

Leave a Reply

Your email address will not be published. Required fields are marked *