As the country approaches peak power consumption season, the Iranian government has prohibited Bitcoin mining until September 22nd.
Iran has imposed a temporary ban on BTC mining within its borders after blaming it for power outages and dispatching spies to track out rogue miners.
According to Bloomberg, the Iranian government has put a moratorium on all cryptocurrency mining until September 22nd. The prohibition goes into force immediately, just in time for the country’s peak energy use season.
This is Iran’s most stringent move to curb crypto mining, which has grown in popularity as the price of bitcoin and other digital assets has skyrocketed.
Officials in the nation have alleged for months that the country’s energy network could not handle the demand, resulting in many blackouts. They blamed it on crypto mining, which was entirely predictable.
Despite Iran’s prior claims that some mining operations will be authorized, around 85 percent of these enterprises remain unregistered.
Authorities recently went another step by dispatching spies to track down and prohibit minors from utilizing domestic energy.
According to Cambridge University’s mining map, Iran is responsible for around 4% of Bitcoin’s hash rate.
This is the second time in recent weeks that similar news has come from Asia. Previously, China, the world’s biggest BTC mining country, announced preparations for a statewide crackdown.
However, Iran’s decision has had little effect on the price of Bitcoin, which remains over $40,000. When China made its latest move, though, bitcoin plummeted by thousands of dollars in a matter of hours.