Cryptocurrency News

Iran to lift cryptocurrency mining ban on September 22

  • Iran will lift crypto mining ban in a month
  • Crypto mining activities in Iran were banned in May due to regular power outages
  • Iran was one of the major cryptocurrency mining countries prior to the ban

The ban on cryptocurrency mining in Iran would be lifted in a month.

Iranian miners to resume operations on September 22

Tavanir, the Iranian power generation organization, has decided that cryptocurrency miners in the country will resume operations on September 22. This latest development comes after months of banning mining activities in the country.

The Iranian Financial Tribune reported that the government has decided that mining will resume in less than a month. Iran was previously behind China in terms of cryptocurrency mining activities, accounting for a huge chunk of Bitcoin’s hashpower.

However, the government, under the former president Hassan Rouhani banned crypto mining activities in May. According to the government, crypto mining was the major reason why Iran was experiencing major blackouts during that period.

Cryptocurrency mining is legal in Iran

Iran is one of the countries to make cryptocurrency mining activities legal. A study from Elliptic earlier this year said Iran could generate millions of dollars from cryptocurrency mining. “Iran has recognized that Bitcoin mining represents an attractive opportunity for a sanctions-hit economy suffering from a shortage of hard cash, but with a surplus of oil and natural gas,” Elliptic said in the study.

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