- Iran has just seized 7,000 mining computers from an abandoned factory in Tehran.
- The country is in process of applying a 4 month ban on all crypto mining activity.
- Before this, Iran took credit for 4.5% of all BTC mining.
IRNA, Iran’s state-controlled news agency, just reported the seize. This is part of Iran’s energy use-curbing efforts. The ban is set to last four months. Iran is currently aiming to reduce electricity waste and prevent blackouts in the country.
Most popular blockchains at the moment use a Proof-of-Work consensus protocol which allows the blockchain or its data to exist in a decentralized way. This however consumes huge amounts of energy. In fact, some studies have equated the energy consumption of Bitcoin mining with energy use in the whole of Finland.
Initially, Iran became a major presence in the crypto industry due to its easy access to oil. As miners seek out cheap sources of energy to power their computer ‘rigs’, the country held great potential for them. Blockchain data firm Elliptic recently released a report that before the mining ban, 4.5% of all BTC mining was happening in Iran.
Relevant to this, Bitcoin mining hub China has also taken steps to tone down mining efforts in the country. It has banned mining in top provinces like Sichuan, Qinghai, and Inner Mongolia as part of its carbon emissions reduction plan
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