The European Union expanded its sanctions regime against Iran on April 20, zeroing in on individuals and organizations accused of obstructing navigation through the Strait of Hormuz. About 20% of the world’s oil trade squeezes through that narrow waterway, making it arguably the most strategically important bottleneck on the planet.

The sanctions also come with a pledge to deepen cooperation with Gulf countries on regional security and navigation.

Iran’s crypto machine and the sanctions squeeze

Iran legalized Bitcoin mining back in 2019, and the country quickly became a meaningful player in global hash rate production. Cheap, subsidized electricity made mining operations economically attractive, and the…