Iran has been experiencing severe power outages in Tehran and nearby provinces due to various factors, including the significant role of crypto mining. With the world's lowest mining costs, miners take advantage of Iran's heavily subsidized electricity. Since 2022, Iran has become a popular destination for Bitcoin mining due to its extremely low electricity rates of $0.002 per kilowatt-hour. This has attracted miners as electricity expenses make up a large portion of mining costs. Unauthorized mining operations have strained the power grid, with the electricity used by unlicensed devices equivalent to the total demand of a key manufacturing province. To address this issue, Tehran has introduced a reward system for reporting illegal mining activities. The recent approval of a regulatory framework for cryptocurrencies by the Central Bank of Iran aims to ensure compliance with laws and regulations. Despite not directly linking Bitcoin mining to the power outages, the public has made connections, highlighting the complex role of crypto in Iran's economy. Read more AI-generated news on: https://app.chaingpt.org/news

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