After the shocking decision taken by the State of China by announcing a ban on Bitcoin mining as part of a series of other measures to restrict cryptocurrencies, which caused a significant drop in their value, especially Bitcoin, it seems that other countries will follow the same path as China.
The new country is Iran, which announced, during the past hours, a ban on mining cryptocurrencies on its territory, including Bitcoin, for a period of four months. This decision comes due to the great impact this process had on the country’s electric power network, as companies and families suffered in All of Iran has been experiencing blackouts of up to six hours a day in recent weeks alone, as Iranian President Rouhani on Wednesday ordered the ministries of Industry, Communications, Energy and Home Affairs to clamp down on cryptocurrencies, according to the Financial Times.
“Everyone finds a place to mine bitcoins and cryptocurrencies,” President Hassan Rouhani said in his statement on the matter. “Everyone who does this from today is doing an illegal act, even those who were previously allowed to mine bitcoins are no longer allowed until we leave behind the power outage problem.” Iran is known as one of the countries most affected by US and international sanctions, and the blackout problem. Electricity exacerbates the economic crisis.
And the international media had indicated earlier this week that China was seeking to ban the so-called bitcoin mining farms, in its efforts that began a while ago and seek to restrict digital currencies, especially bitcoin, and sources indicate that Chinese mining farms alone monopolize 70 percent of the power of bitcoin. Global mining, which means a fatal blow to this cryptocurrency, and international news agency Reuters says that companies active in this field such as HashCow and BTC.TOP will already close all or part of their activities in China.