Iran has faced major power blackouts in its capital, Tehran, and neighboring provinces throughout October and November. While officials cite various causes, crypto mining has emerged as a significant contributor to the power crisis.

With the lowest estimated cost of mining in the world, many miners exploit Iran’s heavily government-subsidized electricity.

Iran’s Subsidized Electricity Drives Bitcoin Mining Boom

Iran’s heavily subsidized electricity rates have made it a global hotspot for Bitcoin mining since 2022. Electricity in Iran costs just $0.002 per kilowatt-hour, the lowest in the world by a huge margin. This low cost has attracted miners, as electricity accounts for the majority of Bitcoin mining…