Bitcoin Mining operations have resumed in Iran after a more than four months hiatus which was as a result of challenges the country faced regarding power.
The ban, which was put in place by the country’s former President of Iran – Hassan Rouhani has now been lifted by Iranian authorities, giving miners and mining farms the go-ahead to continue operations as long as they have the license to operate. According to the former President, the ban on mining operations was going to expire in late September and was a way of restricting the energy usage of mining farms that were used to mine cryptocurrencies. The idea behind the ban was to ensure that Iranians could survive the severe heat by keeping their cooling systems running for longer.
The ban was instituted in May over concerns about the stability of the country’s power generation and supply. During these periods the country suffered severe power outages and mining operations which thrived majorly on electricity had to be put on hold.
The lifting of the ban comes as the severe heat continues to reduce and as Ebrahim Raisi comes into the office of President. Although the ban has been lifted, only miners who had previously acquired a license to operate can resume mining activities. The country promises to crack down on mining operations that are not being regulated.
The Iranian authorities first mentioned regulating cryptocurrency mining activities in 2019. Miners have been required to acquire a license from the Ministry of Industries to operate since then. According to the ministry, 30 licenses have been issued to Bitcoin mining farms as of August this year.
The resumption of mining activities is a win for cryptocurrency investors and enthusiasts as cryptocurrencies continue to face tough scrutiny from regulators across the world.
China recently declared cryptocurrencies as illegal and resounded the ban it had earlier pronounced on them.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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