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Iran blames bitcoin miners for blackouts

Summary:
Iran has launched a crackdown on cryptocurrency miners who it claims are responsible for power blackouts that are blighting the country.Parts of Tehran, the capital, and the cities of Mashhad and Tabriz have been repeatedly plunged into darkness in recent weeks, causing production lines in industrial areas to grind to a halt.Tavanir, the state electricity company, has temporarily closed all known cryptocurrency mines, including a huge Chinese-Iranian operation in the city of Rafsanjan that is reported to have been using 175 megawatt hours of electricity, enough to power an average western home for 17 years.The TimesIran blames bitcoin miners for blackouts

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Iran has launched a crackdown on cryptocurrency miners who it claims are responsible for power blackouts that are blighting the country.


Parts of Tehran, the capital, and the cities of Mashhad and Tabriz have been repeatedly plunged into darkness in recent weeks, causing production lines in industrial areas to grind to a halt.


Tavanir, the state electricity company, has temporarily closed all known cryptocurrency mines, including a huge Chinese-Iranian operation in the city of Rafsanjan that is reported to have been using 175 megawatt hours of electricity, enough to power an average western home for 17 years.


The Times


Iran blames bitcoin miners for blackouts

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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