Iran bans crypto mining for the summer ahead of peak electricity demand
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Iran has banned cryptocurrency mining over the summer ahead of an anticipated surge in electricity demand, Bloomberg first reported. The country the past few days has experienced widespread blackouts due to higher than usual energy consumption, compounded by drought and high temperatures, according to Arab News.
While cryptocurrency mining was highlighted, other electricity-intensive activities were also prohibited, President Hassan Rouhani announced on state television Wednesday.
Mining cryptocurrencies, a complex process that includes validating data blocks to include in the public ledger, is power-intensive and often relies on fossil fuels.
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