The Iranian Ministry of Energy ordered local cryptocurrency miners authorized to suspend their activities temporarily in the event of power shortages during the coldest months of 2018. This is the second such order by authorities, having previously taken similar measures in May and September.
Same ban, different season
The Iranian government placed an interim ban on BTC mining at the end May, after blaming it for the blackouts. According to officials of Iran, the country was worried that its electricity network wouldn’t be able to handle the heat and therefore suspended cryptocurrency mining operations until September 22nd when the weather cools down.
The same rules were implemented by the local Ministry of Energy three months later. This is when energy consumption increases to its maximum level again. Mostafa Rajabi Mashhadi, Chairman of Iran’s Grid management Company (Tavanir), stated:
“The Energy Ministry has taken measures to reduce the use liquid fuels in power stations since last month. This includes cutting off power supplies to licensed crypto farms, switching off lampposts in more risky areas, and strict supervision of consumption.”
According to the Meteorological Organization’s forecast, the air temperature should start falling from next week. This would cause a surge in electricity consumption, which would result in disruption to the nation’s energy system.
During the previous crackdown against cryptocurrency mining operations, the authorities were very strict. They confiscated approximately 7,000 cryptocurrency mining devices found in an abandoned factory in Tehran, Iran’s capital.
Mining Trends Around The Globe
Iran is a leader in cryptocurrency mining and accounts for between 3% to 4% of the total network hash rate.
The United States of America accounts for 35.4% of the hash rate as of this writing. The next in line is Kazakhstan with 18.1%, followed by Canada (9.6%), and the Russian Federation (11.2%).
Notable is the fact that this rating was greatly affected by the total cryptocurrency ban imposed by the People’s Republic of China this summer. Prior to that, China was the most populous country in terms of global haveh rate.
Marla Brooks – Financial Analysis
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