Bitcoin price

Iran Seizes 7000 Bitcoin Mining Machines

Per a report from Reuters, Iran’s officials have confiscated as many as 7000 mining computers from a local abandoned industrial site.

Earlier this year, following major power shortages, the Iranian government imposed a ban on BTC and other currencies’ mining, citing the massive energy cost of blockchain technology.

The growing concerns over its electricity consumption and carbon footprint are not something new. Previously, many other notable figures, including Tesla’s CEO Elon Musk, had commented on Bitcoin’s high energy use.

As per the latest survey conducted by one of the world’s most prestigious institutes, Cambridge University, the total energy used by the hardware blockchain is more than in Finland.

However, officials stated that the ban is likely to last for four months, allowing the government to save energy in a bid to prevent nationwide shortages. With massive access to oil reserves and fossil fuels, Iran emerged as a major player in the mining sector.

In its latest report, Elliptic, a prominent blockchain data company, said that before the ban, as much as 4.5 percent of the global BTC mining was done in Iran. Tehran followed the footsteps of Beijing, which also ramped its crackdown last month. 

On the other hand, amidst the ongoing crackdown on crypto miners in China, South Korea, and Iran, has led to a sharp decline in hash rates by as much as 50 percent. America is seeing a boom in mining activities. Texas, which is famous among miners for its low electricity rates, is becoming the next hotspot.

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