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Crypto Mining Is Allegedly Causing Blackouts in Iran

Author: Content Editor
Iran has been experiencing power blackouts in recent months, and crypto mining has been identified as one of the causes. Iran's heavily subsidized electricity rates have made it an attractive destination for Bitcoin mining, with electricity costs being significantly lower than in other countries. The CEO of Iran's state electricity company has highlighted the impact of unauthorized mining operations on the power grid. In response, the government has introduced a bounty to incentivize citizens to report unlicensed mining equipment. Last week, the Central Bank of Iran approved a new regulatory framework for cryptocurrencies, which includes licensing for crypto brokers and custodians. Iran has been exploring cryptocurrencies as a way to mitigate economic challenges and circumvent US sanctions. While officials have not directly linked Bitcoin mining to the power outages, there is public speculation about the connection. The situation reflects the complex role of the crypto sector in Iran's economy.

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