According to a report from the Tehran Times, the decision was made by the government to ensure there is enough energy to supply the people.
Iranian Energy Ministry spokesman Mostafa Rajabi Mashhadi said the Asian nation was predicting a higher rate of energy consumption starting next week.
He revealed that the country recorded a record consumption of 62,500 MW during its peak period last week. This number is expected to rise to 63,000 MW next week. This forced the government to take action to avoid power outages.
According to the Tehran Times, since Iran approved cryptocurrency mining as an industrial activity, the government has issued more than 1,000 cryptocurrency mining licenses to several companies.
In addition to licensed operators, the country also has a lot of illegal cryptocurrency miners who are putting increasing pressure on the national grid. The government tried to punish these players at different times without success.
As the value of Bitcoin and Ethereum continues to fall to new lows, cryptocurrency miners are starting to discover that the cost of mining these assets is becoming unprofitable.
According to data from CryptoRank, the fall in the price of Bitcoin has made mining unprofitable. In addition, the average mining cost and bitcoin price are currently equal.
This data was released on June 17, when Bitcoin was trading above $20,000. Since then, its price has fallen below $18,000 in a short time, meaning that the mining of the top asset will be unprofitable.
In the case of Ethereum, the average cost of electricity in Europe and the United States makes the rewards generated through mining unprofitable.
On average, a miner using an Nvidia 3090 machine will generate just over $2 in bonuses per day. Meanwhile, miners will have to pay more for electricity than block rewards.
>> See also: The Russian government has created a blockchain platform for international payments.
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