Iranians Now Have to Buy Bitcoin, Can’t Mine After Temporary Ban

hassan rouhani iran president

Iran has become the first country in the world to temporarily ban bitcoin mining after a draught led to dams producing 57% less energy than last year. This has caused considerable blackouts blamed on numerous factors, including crypto mining with Iran’s President Hassan Rouhani stating on TV: “The ban on the mining of cryptocurrencies is effective immediately until September 22… Some 85% of the current mining in Iran is unlicensed.” The country is undergoing hotly contested elections to be held on the 18th of June with blackouts being one topic of debate. Strategically however Iran needs bitcoin with it changing the law last year to allow bitcoin’s use for imports. They are currently experiencing galloping inflation running at an eyewatering 63% with interest rates in Iran static at 18%. No one would accept their money, therefore, and so bitcoin mining took off in 2018 with some speculating it was partially…

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