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Iran to cut off electricity to mining companies

Iran to cut off electricity to mining companies

118 cryptocurrency miners will be cut off from the state power supply due to grid overload.

According to Tehran Times, mining companies in Iran will be cut off from power as of June 22. According to Mostafa Rajabi Mashhadi of Iran's Ministry of Energy, last week marked a record 62,500 megawatts (MW) of peak power consumption. He added that current consumption could exceed 63,000 MW, and this makes it necessary to limit the electricity supply.

Iran's government has approved industrial mining in 2019. Numerous companies started mining cryptocurrency nationwide thanks to cheap electricity, and Iranian power plants found it an opportunity to increase their revenues. In January 2020, the Ministry of Industry, Mining and Trade issued more than 1 thousand licenses for cryptocurrency mining.

Besides registered companies, some illegal miners have started using household electricity. This has created problems for the country's power industry, which is already working with overloads caused by the drought.

From late May to October 2021, Iran also banned mining farms. Several major cities experienced power outages amid rising electricity consumption and a drought that caused hydroelectric power plants to operate at reduced capacity.

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