• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 11 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 13 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 1 day Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 16 hours Forecasts for Natural Gas
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
The New ‘Energy Islands’ Of The North Sea

The New ‘Energy Islands’ Of The North Sea

Artificial energy islands are gaining…

Iran Bans Crypto Mining During Hot Summer Months

Iran is banning electricity-sapping cryptocurrency mining until the end of September as it grapples with power blackouts amid electricity scarcity.

Even before the peak summer electricity demand season, Iran has been suffering from power outages as consumption soars, while power generation has declined.

A few weeks ago, Iran banned the use of air conditioning at Tehran’s state agencies as the country looks to save electricity consumption and prioritize electricity supply to homes and hospitals. Tehran Power Distribution Company has said that the use of air conditioners at government agencies in the capital is prohibited to ease the pressure on the electricity distribution network during peak hours. The government is looking to prioritize electricity supply to residential areas and hospitals after Iran’s hydropower generation slumped this year because of a lack of rainfall.

The rush to mining cryptocurrencies has only exacerbated the problem with Iran’s electricity supply.

A total of 4.5 percent of all Bitcoin mining takes place in Iran, a report by blockchain analytics firm Elliptic showed last week.

“Elliptic estimates that 4.5% of all Bitcoin mining takes place in Iran, allowing the country to circumvent trade embargoes and earn hundreds of millions of dollars in cryptoassets that can be used to purchase imports and bypass sanctions,” Tom Robinson, Elliptic’s Co-founder and Chief Scientist, wrote in the company’s guide to sanctions compliance in cryptoassets.

At a cabinet meeting on Wednesday, Iranian President Hassan Rouhani “thanked the Minister of Energy for apologising to the people for the power outages,” the website of the president reported.

“To help solve this problem, from today until the end of the summer, any activity to mine cryptocurrencies, even by those who have a license, is illegal so that there is no problem in supplying electricity to the people,” Rouhani said, as carried by the president’s website.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News