Despite the fact that crypto miners continue to place a high demand on the country’s power system, even the Iranian minister of labour has noticed electricity interruptions at his residence.
Under the leadership of Hassan Rouhani, Eshaq Jahangiri, Iran’s first vice president, has called on all lawfully functioning cryptocurrency miners in the nation to cease the production of coins.
Tasnim News Agency reported on Wednesday that Jahangiri stated during a meeting with officials from the Ministry of Energy that the electricity restrictions for Iranians were likely to continue until early August, presumably in accordance with President Rouhani’s previously announced ban on cryptocurrency mining.
Earlier this year, the president said that crypto mining will be prohibited in the nation until September, in an effort to save electricity during the summer months.
“We will ensure that the electricity will not be cut off in essential and important places,” said Jahangiri. “Licensed miners must also stop production altogether.”
Since 2019, cryptocurrency and Bitcoin (BTC) mining as an economic activity has been permitted in Iran, provided that the miners are licenced and controlled in accordance with local regulations.
The country’s electric system has been compromised by unlicensed miners, some of whom operate a few rigs and others who operate as many as 7,000, causing officials to raid houses and shut down operations, according to reports.
Iranians continue to report constraints on their ability to utilize power as the crackdown proceeds. Earlier this week, Mohammad Shariatmadari, the minister of cooperatives, labour, and social welfare, said that the electricity in his home had been shut off for two hours.
Iranian authorities who detect crypto miners utilizing their own home’s electricity to run their rigs may penalize the miners or seize the equipment they have in their possession.
Additionally, some legislators have pushed for a ban on the usage of cryptocurrencies that were not mined within Iran’s borders for the purpose of processing payments.
Earlier this week, the Iranian Parliament’s Commission on Economy proposed a bill that would establish the country’s central bank as the country’s regulatory authority for cryptocurrency exchanges, as well as officially placing cryptocurrency mining under the jurisdiction of the country’s Ministry of Industry, Mine, and Trade.