Iranian Government Stopped Crypto Mining Until New Energy Price Approval


The Iranian Government will be deliberately cutting off the energy supply to Crypto Mining firm’s until the new prices are unveiled, a report by a local newspaper agency Iran Daily on 24th of June.

An official at Iran’s Ministry of energy, Mostafa Rajabi unveiled that the country reportedly observed a 7% spike in electricity consumptions over a period of the month that ends on 21st of June 2019.

Rajabi emphasized that the spike has been observed since the last year and revealed that the country’s power grid has been unstable in recent years as a reason for the surge.

But according to the official, the ministry strongly believed that the surge is caused due to the increased number of Crypto Mining activities in the country, thus confirming that the state will be taking quick measures to prevent the energy issue.

Also, Rajabi stated that now onwards the Crypto miners will be identified and their energy supply will be cut-off until the time government approves the new purposed energy prices specific to Crypto miners. Rajabi further stated that this has been done since the overconsumption was causing problems to the other users and to the country.

Therefore on 9th of June, the deputy energy minister of the country purposed a plan that electricity bills of Crypto mining firm should be calculated as per the real prices or as per the same rate that has been established for the power exports.

The country that has been reportedly profiting from the Crypto Mining, but pays about $1 billion annually just to Bridge the gap in real electricity costs and for what the consumer was billed and the miners took advantage of this while making huge profits.

The country has shown kin interest and has been largely positive since September 2018, with the majority of the states authorities taking up mining as an Industry.

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