Iran’s government will lift the ban on cryptocurrency mining come Sept 22.
- The Iran Power Generation, Distribution, and Transmission Company stated that the power consumption strain will subside and miners could resume their operations.
- The Ministry of Industries, Mining, and Trade lifted the ban on the mining sector. The ban had been initially imposed to ease power consumption.
- The mining industry had been putting a strain on the country’s power grid. Unlicensed miners reportedly consume 2,000-3,000 MW per day.
- The government is not fully against cryptocurrency. But in June 2021, it passed a legal framework to regulate the market.
- Iran is taking a fairly moderate approach to regulating the crypto market. It appears that crypto could find adoption even when there are limited use cases.
The mining industry is performing well, with many asset managers investing capital in related firms. BlackRock, the world’s largest asset manager revealed in an SEC filing that it held $384 million worth of shares in mining firms.
BTC USD up +2.25%Source: beincrypto
