Iran Faces Outages as Crypto Mining Allegedly Strains Power Grid
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…
