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Cryptocurrency miners are using subsidized energy in Iran, and it’s weighing on the national grid

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Iranian cryptocurrency miners are taking advantage of subsidized energy in the country, and it is putting pressure on its power grids, Bloomberg News reports. The post Cryptocurrency miners are using subsidized energy in Iran, and it's weighing on the national grid appeared first on The Block.
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Iranian cryptocurrency miners are taking advantage of subsidized energy in the country, and it is putting pressure on its power grids, Bloomberg News reports.

As per Iranian state media, a spokesperson for Tadvin Electricity Company faulted cryptocurrency miners for a 7% increase in energy consumption in the country.

“The production of each Bitcoin uses the equivalent of the annual consumption of 24 properties in Tehran, or one property’s consumption of electricity for 24 years,” Mostafa Rajabi Mashhad said.

As such, Iran's Power Ministry could implement a tariff on miners, according to Bloomberg.

Cryptocurrency use has increased generally in the country as a way to circumvent sanctions put on the country by the US government.