Iran's relationship with the crypto mining sector is a love-hate one. The government is again restricting crypto mining activity as it tries to ease the strain on the country's power supply, despite knowing the promise of crypto as a way to evade international sanctions.
Electricity to all 118 government-authorized mining operators in Iran will be cut off from June 22 ahead of seasonal spikes in power demand, Mostafa Rajabi Mashhadi, spokesman for Iran's power industry said in an interview with state TV, per a Bloomberg report.
Bitcoin has long been considered and used as a way for countries to circumvent trade embargoes. Iran is under sweeping sanctions by the US that effectively bars it from accessing the international financial system.
In 2019, Iran officially recognized the crypto mining industry and began issuing licenses to miners, which are required to pay higher electricity rates and sell their mined bitcoins to Iran's central bank.
But the country has also repeatedly halted...
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