Reactions to Crypto Mining Ban Implemented in Iran Grows
Crypto mining, which covers the process of confirming cryptocurrency transfer transactions by solving complex problems using devices with special software and hardware, and as a result, the process of rewarding with newly produced cryptocurrency, maintains its place among the popular topics of recent days.
The crypto mining community, which has been heavily affected by the declines in the cryptocurrency market, accounts for 95 percent of crypto activities in Iran.
Increased use of electricity caused a ban
The reinstated ban on cryptocurrency mining in Iran has sparked outrage from the local crypto community. The activities of crypto miners were stopped by the Iranian Ministry of Energy, citing power cuts.
Iran has recently announced that it will impose heavy sanctions on fines and prison sentences to illegal crypto miners. It was stated that cryptocurrency mining will be temporarily stopped due to increased electricity consumption for the second time in the country.
Miners are uncomfortable with the decisions taken
The Iranian Electricity Generation Transmission and Distribution Company expressed that crypto miners would again cease operations until the end of this summer, and received backlash from the country's crypto community.
While some crypto farms noted that they were trading in areas of the country that did not experience power outages, he noted that this was an injustice to miners.