As per the latest report by the Iran Financial Tribune, the country’s appointed organization for power generation, Tavanir, aims to denounce its ongoing nationwide ban on Bitcoin (BTC) and crypto mining as early as next month. This past May, the government of Iran imposed a nationwide ban on BTC and crypto mining to mainly prevent miners from overloading the country’s grid during the hot summer season.
Before the mining ban, BTC miners have been the main talking point whenever there are constant power outages and blackouts in Iran brought by the particular’s sector alleged high power intake. This problem has been such a pest that it has also reportedly ceased all electricity exports to its neighboring country, Afghanistan.
While there is no denying that crypto mining does indeed take up a massive chunk of the country’s overall electricity supply, experts believe that the government should look into and blame the illegally operating mining firms more rather than the whole sector itself. Nonetheless, all crypto mining activities would resume this September once the moratorium officially lifts.
With all that being said, Iran still has considerable hopes regarding cryptocurrencies’ positive impact on its economy. Back in May, the Iran government projected a $1 billion revenue from the crypto mining industry. Notably, such figures are now unattainable for this year, at the very least, following the imposed nationwide mining ban.