https://safirsoft.com Iran issues four-month ban on cryptocurrency mining following widespread power outages

What just happened? Multiple cities in Iran have been facing unplanned power blackouts recently, which according to President Hassan Rouhani, occurred due to a drought affecting the country's hydroelectric power generation. To close the gap between energy supply and demand that usually widens during the summer season, all registered (and unregistered) cryptocurrency mining operations in the country have been banned until 22nd September 2021.

Among several controversies surrounding cryptocurrency mining is the issue of energy consumption and its environmental impact. We recently saw New York looking to put a 3-year ban on mining crypto, but the problem seems much more serious for Iran. The nation has now issued a 4-month ban on this activity after several major cities faced repeated power blackouts.

The combination of scorching summer heat, drought, and demand for greater cooling has put Iran's hydroelectric generation under stress, which the country is now looking to curb with a temporary ban on power-hungry cryptomining rigs.

Blockchain analytics firm Elliptic estimates that around 4.5 percent of all Bitcoin mining takes place in Iran, allowing it to boost its US-sanctioned economy with crypto assets and yielding up to $1bn in annual revenue. The country officially recognizes cryptomining and has a licensing regime in place that allows miners to pay higher tariffs for electricity and sell their mined bitcoins to Iran's Central Bank.

https://safirsoft.com Iran issues four-month ban on cryptocurrency mining following widespread power outages

Iranian authorities reportedly confiscated around 45,000 illegal ASIC machines in January this year

However, an 85 percent majority is still unlicensed, according to President Hassan Rouhani, which he said was using between six and seven times more power than licensed facilities, consuming up to 2,000MW of energy each day compared to 300MW used by legal operations. "Now everybody has a few miners laying around and are producing Bitcoins," he jokingly said in a televised cabinet meeting.

Critics have dismissed cryptomining as the main driver of these power cuts, noting that it consumes less than one percent of Iran's total power output, according to an internal investigation by lawmakers. Instead, they point to the country's aging power infrastructure and lack of funding to be the cause behind the outages.

Iran issues four-month ban on cryptocurrency mining following widespread power outages
iran-issues-four-month-ban-on-cryptocurrency-mining.html

https://safirsoft.com Big Tech targeted in proposed antitrust bills, aiming to break up the likes of Amazon and Google

Big Tech targeted in proposed antitrust bills, aiming to break up the likes of Amazon and Google

Why it matters: House lawmakers introduced new antitrust bills on Friday which could change the tech industry as we know it. The bills address anticom...
https://safirsoft.com Our favorite trailers from Netflix's Geeked Week festival

Our favorite trailers from Netflix's Geeked Week festival

What just happened? Netflix has wrapped up its first-ever Geeked Week virtual event, a five-day celebration that provided fans with plenty of new trai...
https://safirsoft.com Backblaze will now let Chia miners store and farm plots in the cloud

Backblaze will now let Chia miners store and farm plots in the cloud

TL;DR: Backblaze, the cloud storage company famously known for churning out HDD reliability figures every quarter, is now offering its services to the...
https://safirsoft.com Netflix launches online store to sell apparel and products tied to its shows and brand

Netflix launches online store to sell apparel and products tied to its shows and brand

Netflix is getting into e-commerce. The world’s largest streaming provider has launched Netflix.shop, an online store where shoppers can purchase ap...
https://safirsoft.com Hong Kong is offering iPhones, Teslas, and gold bars as vaccine incentives

Hong Kong is offering iPhones, Teslas, and gold bars as vaccine incentives

Hong Kong businesses are offering incentives for its citizens to get vaccinated, including the chance to win iPhones, a Tesla, an apartment, and even ...
https://safirsoft.com Report shows how billionaires including Jeff Bezos and Elon Musk pay little to no taxes

Report shows how billionaires including Jeff Bezos and Elon Musk pay little to no taxes

A hot potato: How much tax do you think Jeff Bezos paid in 2007, the year his fortune increased $3.8 billion, and in 2011 when he was worth $18 billio...