Iran Bans Crypto Mining to Keep the Lights on Over Summer



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Iran banned the power-intensive mining of cryptocurrencies like Bitcoin ahead of its peak electricity demand season, after soaring consumption contributed to blackouts in major cities.

The ban is effective immediately and will last until Sept. 22, President Hassan Rouhani said on state TV on Wednesday, adding that around 85% of current cryptocurrency mining activity in the country was unlicensed.

The move could risk pushing the licensed minority into the black market, which authorities have also been trying to crackdown on, even enlisting spies to locate illegal miners who hide computers everywhere from homes to mosques.



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