Iran Makes a Promising Announcement for Bitcoin Mining Sector in Country

The Iranian Government has just gone ahead and shared promising news with the entire crypto-community in the country. According to the Iranian Government, the cryptocurrency mining sector in the country would be able to operate again in September.

It has been announced that Bitcoin (BTC), as well as the altcoin mining sector in Iran, would be allowed to mine the respective cryptocurrencies again. The announcement confirms that the cryptocurrency community will not be able to do it until the last week of September.

Therefore, the cryptocurrency mining community needs to wait for another 30-days before they can start mining cryptocurrencies in the country.

Tavanir, the Financial Tribune in Iran has confirmed the reports and has shared the perspective of the Iranian Government on the matter. According to the Iranian Government, the decision for the reinstatement of the crypto-mining sector was subject to approval from the power generation organization in the country.

The report from Tavanir suggests that the power generation organization had already made the decision for the reinstating of the crypto-mining sector in early August. However, it was decided that the mining sector must be enabled by the end of September so everything is in order by then.

It was back in May of 2021 when the government of Iran had banned operations related to the mining of Bitcoin and other cryptocurrencies in the country. The decision the banning crypto-mining operations in the country was made due to the high amount of energy these operations were consuming.

Despite having high gas and oil reserves, the country is currently facing high electricity generation deficiencies. This is the reason why the country came to the conclusion of banning the mining of cryptocurrencies during the hot summer seasons.

During this season, the consumption of electricity peaks in the country, and therefore, the cryptocurrency mining operations were just overburdening the grids.

Therefore, the bans were put in place in order to contain the situation and stop it from worsening anymore. In the past year, Iran had to face the same kind of problem where it faced several power outages in major parts of the country. This was mainly caused by the unauthorized mining operations in the country consuming a tremendous amount of energy.

As the country had to resort to generating a high volume of electricity through cheap fuel and gas, it causes other environmentally hazardous effects on the country. Therefore, the Iranian Government made the decision of banning cryptocurrencies for good until the situation was under control.

Now that the spring season is near, the Iranian Government sought approval from the power generation organization in Iran. With their approval, the mining sector can once again operate in the country by the end of September.

Jerry Dedmon

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

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