After a spike in electricity consumption, the Iranian authorities have seized 1,000 bitcoin mining machines from two former factories. After the energy crackdown, Iranian bitcoin (BTC) miners moved to mosques to get more income. Mosques get free energy, so now they are filled with around 100 miners that are reportedly using the energy mine Bitcoin (BTC).
“This money goes a long way in Iran’s choked sanctioned economy,” Oxford University researcher Mahsa Alimardani stated on Twitter.
In June, the demand for electrical power rose by 7%, and the energy ministry spokesperson said to the local media that it was because of cryptocurrency mining. Arash Navab, one of the electricity officials, stated that they have identified two bitcoin farms, having a consumption of one megawatt.
According to the researcher, it seems that Bitcoin became more popular, being a way of storing wealth in Iran.
Mining cryptocurrencies implies connecting computers especially built to be “mining machines.” They’re connected to the currency network through the internet and provide computing power for validation of transactions. The owners of mining machines receive as reward coins, which is a way of making profit, especially when it involves a lot of mining machines.
Cryptocurrency Is the Third Alternative of Storing Wealth in Iran
Mahsa Alimardani grew up in Iran and said that “everyone’s talking about Bitcoin and how to get it.” In many parts of Iran Bitcoin mining has reportedly grown quickly.
The researcher added that many Iranians want to store their wealth securely, since Iran is struggling because of US sanctions over the nuclear programme. While gold and US dollars are the popular choices, Bitcoin and other cryptocurrencies are an alternative.
According to Cointelegraph, many bitcoin miners use sustainable energy sources. For example, a U.S. company has announced it will build a solar-powered farm. It will operate in California and become the largest one in North America.
