Bitcoin Overshadows Big Banks As Crypto Industry Hits Close To $1.5 Trillion

Iran has become the latest country to ban Bitcoin mining, albeit for select people. Apparently, the Iranian government has decided to stop its citizens from mining Bitcoin in their homes.

According to the government, household mining has been exerting too much pressure on the already burdened national electric grid. The Ministry of Energy has issued directions to impose fines on anyone found mining BTC within their households.

Auction Mining Power

However, the government’s move doesn’t seem to really aim at stopping crypto mining in Iran. It’s to be remembered that back in 2019, the Iranian government itself approved crypto mining as part of industrial activity in the country.

Now, the ban on household mining comes as independent power plants publicize plans to auction electric power to those who wish to venture into crypto mining. These power plants aren’t connected to the national grid, meaning that their usage doesn’t impact electric supply on the greater grid.

In contrast, power blackouts and malfunctioning of transformers have been blamed on household mining that burden the grid.

Crypto Tariffs

While the Iranian government is restricting household mining, it’s notable that its approval of power auctioning from independent power plants is a calculated move to earn revenue from mining activity. All mining rigs will be required to pay a crypto mining tariff to the government.

The huge possibility of gaining revenue from mining could actually be the real reason behind the ban on household mining activity since people mining in their homes don’t notify the authorities. With the power auctions, every miner will be registered and expected to file returns. 

BTC is Censorship-Resistant 

This latest move by the Iranian government is one of the many attempts by global governments to check the growth of Bitcoin as it gains acceptance and adoption throughout the world.

BTC was designed as a means to beat government censorship and forced control of the people’s economy, and it’s clear that the authorities aren’t happy with its expanding influence. On the flip side, most such attempts haven’t had much impact on the crypto industry and Bitcoin in particular.