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Iran bans cryptocurrency mining for four months after blackouts


Iran has announced a four-month ban on the energy-consuming mining of cryptocurrencies such as Bitcoin after cities suffered unplanned blackouts.


President Hassan Rouhani told a cabinet meeting the main cause of the blackouts was a drought that had affected hydro-electric power generation.


But he said cryptocurrency mining, 85% of which is unlicensed, was draining more than 2GW from the grid each day.


An estimated 4.5% of all Bitcoin mining takes place in Iran.

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