Iran to Cut Electricity to Licensed Cryptocurrency Miners

According to a Bloomberg report, electricity to all 118 licensed cryptocurrency mining centers in Iran will be cut off from June 22 ahead of a seasonal surge in demand for electricity, Mostafa Rajabi Mashhadi, spokesman for the country’s power industry, said during an interview with Iranian state TV.

In 2020, Iran issued over 1,000 miners licenses to operate. Such moves have led to licensed bitcoin farms springing up in the country, hoping to capitalize on the country's cheap electricity. Iran, in turn, used crypto mining to reduce the impact of the sanctions imposed on the country.

Iran has repeatedly stopped the work of cryptocurrency mining centers. This had to be done when the demand for electricity was at a record high. The last power outage for miners was in December 2021.

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