Why Pakistan and the Middle East can bet on crypto mining By embracing crypto mining activities in the region, Pakistan and Iran may give other nations in the Middle East an example to follow. 20055 Total views Opinion
It is especially important for countries to become more aware of cryptocurrencies, especially with components like decentralized finance rising in prominence. Now that the Middle East is becoming more mining-friendly, the future suddenly looks bright once again for this region.
Pakistani administration legalizes crypto mining
The Pakistani government appears to be moving quickly toward a pro-crypto stance. Following a commitment to integrate Bitcoin (BTC) into its financial system last December, the country is taking steps to legalize mining.
January 17, 2021 @ 6:48 pm By Omar Faridi
There have reportedly been massive blackouts and smog that have hit several cities in Iran. It’s being described as quite a toxic mix as the nation, which is facing serious economic challenges and crippling US-led sanctions, is now also having to deal with the region’s worst COVID-19 outbreak.
Like in many other developing countries such as nearby Pakistan, blackouts aren’t really a new development in Iran. The country has an outdated and subsidized electricity industry that’s not performing efficiently, allegedly due to corruption and mismanagement.
But with these recent blackouts, the Iranian government claims that Bitcoin mining at cryptocurrency-focused datacenters can be partially blamed.
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Ogwu Osaemezu Emmanuel
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January 8, 2021 Bitcoin
Iranian authorities have hammered down a massive 1,620 bitcoin (BTC) and crypto mining farms in the state. The authorities claim the operators of the bitcoin ming farms failed to register with the government as earlier directed, according to reports on January 7, 2021.
Iran Shuts Down Illegal Bitcoin Miners
Having officially recognized bitcoin mining as an industry earlier in August 2019, and made it clear to operators that they must obtain licenses from the relevant authorities, the government of Iran is now clamping down on unauthorized crypto miners in the state.
Per sources close to the latest development, Iranian authorities have clamped down on 1,620 unauthorized crypto mining farms that allegedly used nearly 250 megawatts of electricity since late 2019.
Iran Shuts Down 1,620 Cryptocurrency Mining Farms
Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high.
1,620 Crypto Mining Farms Shut Down in Iran
Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since the country started recognizing cryptocurrency mining as a legal industry in July 2019. The Financial Tribune reported Monday that these mining farms were using 250 megawatts of electricity. Many of the unauthorized cryptocurrency mining farms were identified in December as the price of bitcoin surpassed all-time highs.
TEHRAN - Iran s Renewable Energy and Energy Efficiency Organization (known as SATBA) has started a program for offering rooftop photovoltaic power stations (known as PV systems) to high-consuming electricity subscribers, an official with the organization announced.
According to Mohammad-Taqi Ziari, high-consuming applicants can visit SATBA website to register in the mentioned program and will be able to pay for the mentioned systems in installments, IRNA reported.
Ziari noted that the program will be implemented in one province as the pilot.
He put the price of one rooftop power station at 150 million rials (about $3,500), adding that each high-consuming household will receive a PV system with a capacity of 600-700 watts.