Transactions through encrypted digital currency are restricted in Iran. According to Bloomberg, 118 crypto miners have seen power outages.

The blackout, which appears to be a precautionary measure for Iran's dramatic increase in electricity consumption, will begin on June 22.

Mostafa Rajabi Mashhadi, spokesman for Iran's power industry, said power demand will exceed 63,000 megawatts this week. Electricity consumption peaked last August at 67,000 megawatts.

With Iran already under U.S. trade sanctions, cryptocurrencies could be a way to circumvent. But the latest policy suggests that luxury electricity is a more pressing issue today.

Iran started recognizing cryptocurrencies in 2019. Iranian cryptocurrency miners must obtain permission to trade and send the collected bitcoins to the National Bank of Iran.

However that changed later when the government twice announced the closure of the crypto center, as it found an increase in electricity consumption.

Cryptocurrencies have also come under scrutiny from governments in other countries, including restrictions on electricity use, huge increases in electricity bills, and more.
Axact

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