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Bitcoin Miners Must Stop Production Altogether, Says Iranian VP

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Tue, 07/06/2021 - 16:36
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Alex Dovbnya
Despite the ban, Iraning Bitcoin miners are still blamed for crippling power outages
Bitcoin Miners Must Stop Production Altogether, Says Iranian VP
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Eshaq Jahangiri, Iran's first vice president, said on Wednesday that all Bitcoin mining operations must stop production “altogether” to make sure that there are no power outages in essential areas.       
 
He claims that the ongoing electricity crisis should be over by the end of August.      

Earlier today, Iranian President Hassan Rouhani apologized for recent blackouts after people staged protests in multiple cities on July 5: 

I apologize to all the people who have suffered from this [electricity shortage] over the past days, and I ask for your cooperation in helping us in facing this problem.

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In May, Iran banned Bitcoin mining until Sept. 22 due to its excessive electricity consumption, but this didn’t stop some unscrupulous miners from operating illegally.

The country accounts for roughly 4.5 percent of Bitcoin’s global hashrate.

As reported by U.Today, the Iranian parliament recently drafted a bill, whose provisions include offering loans and tax exemptions for miners in order for boosting state income.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.