The rise in the price of Bitcoin to a new all-time high of $ 40,000 has had a negative impact on the mining of cryptocurrency in parts of the world. Wu Blockchain claims that Bitcoin mining operations in Iran caused power outages for the country’s residents.
The increase in the exchange rate stimulated the activity of Chinese miners, the number of which in the country is the overwhelming majority. As a result, energy consumption rose sharply and caused power outages in 11 of Iran’s З1 provinces.
After the power outages, residents of the country began to express dissatisfaction, and the media was quick to link the problems with the activities of miners.
Without providing an explanation of the reasons for the disruptions, the Iranian government ordered the termination of the activities of licensed mining companies involved in mining BTC.
Iran shut down all officially licensed local Chinese bitcoin mining companies on January 14, Shijieshuo reported. According to statistics from the Bitooda website, Iran is the third-largest holder of Bitcoin in the world after the US and China, with 8% of the total supply.
The cost of mining Bitcoin in Iran is one of the lowest in the world. To mine 1 BTC, the pool needs only $1,300 at an average price of $ 0.020 per kWh.
Iranian government data show that mining 1 BTC consumes about 72,000 kWh, or the equivalent of the annual electricity consumption of 28 houses in Tehran. At the same time, according to the Iranian Regional Mining Organization, all Bitcoin mining operations require only З00 MW of the З8,000 MW of electricity produced in the country.
