Iran bans bitcoin mining as its cities suffer blackouts and power shortages
DUBAI, United Arab Emirates — Iran's government announced a ban on the mining of bitcoin and other cryptocurrencies, the country's president, Hassan Rouhani, announced Wednesday, as officials blame the energy-intensive process for blackouts in a number of Iranian cities.
The ban is effective immediately and will be in place until Sept. 22, Rouhani told state TV, in the latest sign of high-profile rejection of the popular digital currency.
The Iranian capital of Tehran and several other large cities have faced multiple daily power outages for the past few months, and officials blame it on a natural gas shortage, a prolonged drought that's hobbled the country's hydroelectricity plants — and, increasingly, bitcoin mining.
And a majority of the energy consumption from bitcoin mining is coming from illegal miners, or those operating without licenses, government officials say.
