- As reported by state-controlled media, Iranian police have captured 7,000 crypto mining rigs from an abandoned factory in Tehran.
- Iran placed a four-month embargo on crypto mining in late May.
Crypto mining is under hot water with some country’s implementing their nationwide crackdown. As reported by state-controlled news agency IRNA news, Iranian authorities have seized 7,000 cryptocurrency mining rigs from an abandoned factory in Tehran.
Iran banned Bitcoin and other cryptocurrency mining in late May; indicating attention about the industry’s enormous energy cost. Numerous notable blockchains append new data to their ledgers by way of a proof-of-work consensus process. This mechanism dismisses the need for a primary mediator but puts vital stress on the computers in the network.
According to Cambridge University’s Center for Alternative Finance assessments, the computing network following the Bitcoin blockchain uses higher energy than all of Finland.
The ban is set to last four months. This is part of a more extensive attempt to free up electricity and prevent regional blackouts.
Crypto Mining Needs
Iran’s easy access to oil has made it a vital player in the worldwide crypto mining industry over the past few years. (Mining corporations tend to search for the cheapest sources of power for their computer “rigs,” which is why China’s coal-heavy energy grid has historically been so powerful.) A new report from the blockchain data firm Elliptic advised that 4.5% of all Bitcoin mining happened in Iran before the ban.
China has also adopted measures to decrease the crypto mining industry’s presence in provinces. Chinese authorities implemented crackdowns in Sichuan, Qinghai, and Inner Mongolia to reduce carbon emissions.
📣 Cryptonetwork.News is now on Telegram. Please click [here] to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines.