Cryptocurrencies

Bitcoin Mining Puts Pressure on Iran's Power Grids

  • Producing one bitcoin costs about $2,700 in subsidies: Mehr
  • Crypto mining blamed for electricity consumption surge in June
Photographer: James MacDonald/Bloomberg
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The electricity-intensive process used to create units of the digital currency Bitcoin has led to a surge in Iranian energy consumption, putting unprecedented pressure on power grids and forcing officials to cut off supplies to so-called mining farms, according to state media.

Iranian miners are taking advantage of the nation’s subsidized power rates and are even mining from mosques, which are entitled to free electricity, Homayoun Haeri, deputy minister for electricity and energy at Iran’s Ministry of Power, told the semi-official Iranian Students’ News Agency.