Iran opens again crypto mining in the country 

After implementing a four-month ban, the Iranian government will allow crypto mining again in the country starting September 22.

According to the Iran Power Generation Distribution and Transmission Company (Tavanir), the country’s power constraint is continuously subsiding, that is why cryptocurrency mining has been allowed again. The Ministry of Industries, Mining, and Trade have officially lifted the four-month ban under the order of former President Hassan Rouhani.

Power strain

In a report published by the Financial Tribune, the country’s crypto mining industry has been causing serious power constraints in Iran’s power grid. But it highlighted that only a fraction of the total amount was contributed by legal cryptocurrency miners.

Iran is not known as an anti-cryptocurrency nation, but it decided to create a legal framework to better regulate the fast-growing crypto market in the country.

Unlike other countries that have gone into extremes just to “discipline” their crypto industries, Iran chose to implement a moderate approach in regulating its crypto space.

Though it has passed a number of policies created for digital assets, none was damaging enough to halt cryptocurrencies’ progress in the country.

Challenges for the mining industry

This year is certainly the most challenging year for the crypto mining industry as various governments all over the world are implementing tighter policies to regulate mining activities.

China was once a haven for miners because of its cheap power rates, but happy days turned to gloom when the government started to clamp down on crypto miners.

The crackdowns were so severe that most miners decided to close their businesses and transfer their operations outside China.

The country’s harsh regulations have made a negative impact on the global crypto mining industry. But recent signs show that the industry is recovering and is set to grow even further.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/iran-opens-again-crypto-mining-in-the-country/