Iran bans crypto mining for the summer ahead of peak electricity demand

• Iran has banned cryptocurrency mining over the summer ahead of an anticipated surge in electricity demand, Bloomberg reported.
• The ban is effective immediately until September 22.
• Approximately 4.5% of all bitcoin mining occurs in Iran, according to Elliptic.

Iran has banned cryptocurrency mining over the summer ahead of an anticipated surge in electricity demand, $4. The country the past few days has experienced widespread blackouts due to higher than usual energy consumption, compounded by drought and high temperatures, according to $4.

While cryptocurrency mining was highlighted, other electricity-intensive activities were also prohibited, President Hassan Rouhani announced on state television Wednesday.

"The ban on the mining of cryptocurrencies is effective immediately until September 22," Rouhani said as $4. "Some 85% of the current mining in Iran is unlicensed."

$4 has $4 due to its heavy energy use and environmental impact. Various research, including a study from Cambridge University, $4 that bitcoin mining around the world uses more energy each year than some entire nations.

Mining cryptocurrencies, a complex process that includes validating data blocks to include in the public ledger, is power-intensive and often relies on fossil fuels.

Approximately 4.5% of all bitcoin mining occurs in Iran, according to blockchain analytics firm $4.

The fact that the country has $4 also makes cryptocurrency mining more attractive.

The ban however raises concerns about pushing the practice -including those licensed-into the black market. Iran in the past has launched a crackdown on illegal miners, accordin to $4.