Iran lifts Bitcoin mining ban in September

Iran will once more permit Bitcoin and cryptocurrency miners to function in the nation from the final week of September.

According to a report by the Iranian monetary tribune, Tavanir, the nation’s energy technology group, introduced the choice in early August.

As Cointelegraph beforehand reported, the Iranian authorities banned Bitcoin (BTC) and cryptocurrency mining in May, when it was determined to stop miners from overloading their electrical energy grid throughout the sizzling summer time months.

In reality, Bitcoin miners have been blamed for persistent blackouts and electrical energy shortages in Iran. The drawback is so huge that Iran is claimed to have stopped electrical energy exports to neighboring Afghanistan.

In April, Chinese buyers restarted the nation’s largest bitcoin mining heart after it had been closed for 4 months over complaints of extreme electrical energy consumption.

However, it’s believed that unlawful cryptocurrency mining actions are the reason for the numerous load on the ability provide. Therefore, after the mining ban got here into drive in September, solely licensed miners are allowed to work once more.

The nation’s Ministry of Commerce issued 30 crypto mining licenses again in June when authorities in Iran continued to push for regulated crypto mining actions.

Also in June, the Tehran police introduced that they’d confiscated greater than 7,000 oil rigs from unlawful mining operations throughout town.

Related: Licensed Iranian cryptocurrency miners instructed to “completely” stop manufacturing

Iran started legalizing Bitcoin mining in 2020 with greater than 1,000 licenses issued in January 2020.

The authorities expects bitcoin and crypto mining to grow to be a significant financial exercise in the nation, with $ 1 billion in gross sales forecast in May, however the summer time ban may make the goal unimaginable till not less than 2021.

Iran’s crypto acceptance coverage may additionally considerably enhance its attain, because the nation’s tax authority just lately known as for the event of a regulatory framework for trading cryptocurrencies.