Iran Plans to Shut Down Crypto Mining Farms Again to Save Energy

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Today’s Cryptocurrency Headline

Mostafa Rajabi Mashhadi, chairman of the board and managing director of Iran Grid Management Company (Tavanir), announced Iran is closing down crypto mining centres again to reduce liquid fuel consumption in power plants as temperatures decline. He said: “The Ministry of Energy has been implementing measures to reduce the use of liquid fuels in power plants since last month. Including cutting licensed crypto farms’ power supply, turning off lampposts in less risky areas and stringent supervision of consumption.” 70% of the fuel consumed in Iran is used to heat buildings, and the new energy-saving measures are expected to reduce energy consumption by at least 40%. Iran is one of the largest cryptocurrency mining countries in the world, accounting for 4.5%-7% of the global Bitcoin hash rate.

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According to CME Fed Watch Tool data, the probability of the Federal Reserve maintaining interest rates within the range of 0%-0.25% in January next year is 92.6%, and the probability of raising interest rates by 25 basis points is 7.4%. Bitcoin holds above $49,000, and ETH is trading around $3,900. Trading volume was light across different crypto exchanges due to the holiday season. 

 

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