The Iranian government will lift its ban on cryptocurrency mining on September 22 after the four-month suspension, BeInCrypto reported.
- The Iran Power Generation, Distribution, and Transmission Company (Tavanir) said the lifting of the ban comes as the strain on power consumption is expected to have subsided by then.
- The ban was ordered after the country recorded a number of blackouts due to power strains, with unlicensed miners reportedly consuming 2,000 to 3,000 megawatts daily. This is about half of the daily consumption of Tehran.
- Iran in June introduced regulations on the market, under the directives of former President Hassan Rouhani. His administration also saw the legalization of cryptocurrency mining in 2019.
None of the Iranian laws on cryptocurrencies have been severe, compared with China, which has cracked down on the industry. BTC is up 2.88%, ETH up 3.13%, and XRP up 3.88%.