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Iran Launches Crackdown on Cryptocurrency Miners
In a surprising move, Iran has started cracking down on cryptocurrency miners in the country. The sudden development comes as a shock to many stakeholders in the global crypto community.
The Iranian government has decided to take action against illegal mining activities, which have been growing rapidly in recent years. This is largely due to the fact that electricity costs are relatively low in the country, making it an attractive destination for miners looking for cheap energy sources.
However, experts warn that this move could lead to a global supply chain disruption. “The majority of Bitcoin’s hashrate comes from China, and if Iran’s illegal mining operations are shut down, it will put pressure on the existing network,” said Batyr Hydyrov, CEO of Uminers.
Moreover, this move may also push many Chinese miners to re-route their operations out of China, which could have far-reaching consequences. “We estimate that over 55-65% of Iran’s mining capacity is connected to Kínai capital, and if they’re forced to relocate, it would lead to a significant increase in global supply,” emphasized Hydyrov.
Iran’s move is seen as a strong signal against illegal activities, but experts also warn that the government may not be able to effectively monitor all mining operations. “The complexity of blockchain technology and the ease with which miners can switch between countries make it difficult for governments to control these operations,” noted an anonymous expert.
As the global crypto community waits with bated breath for further developments on this issue, it is clear that Iran’s actions have significant implications beyond its borders.
Source: www.bitcoinbazis.hu
