A mix of cheap, subsidized prices, international sanctions, and underinvestment in the country's electricity grid has led to a massive energy deficit.
According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran's Ministry of Energy,that the entity would be cutting the power supply to all of the country's licensed crypto mining firms by the beginning of July.
Citing an anticipated electricity deficit from the peak-summer season, Mashhadi stated,"There are currently 118 authorized [digital currency] extraction centers in the country, which must cut off their electricity supply from the national grid from the beginning of July." "Last week, the country's electricity consumption recorded an all-time high of 62,500 megawatts during peak consumption, which is a significant figure. According to forecasts, this week's consumption requirement will exceed 63,000 MW, which means we must limit electricity supply."a disappointing gain of 1.2 gigawatts to its power generation capacity in 2021. This was well below the projected gain of 3.5 GW, leading to a power use deficit.
Due to international sanctions, Iran lacks the investment needed in power generation capacity and natural gas production to keep up with consumption. On the other side, demand is soaring partly because due to the country's extremely low electricity prices. Average household electricity in Iran
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran Will Reportedly Cut Off Electricity to All Legal Crypto MinersWith the upcoming summer, Iranian authorities have decided to halt crypto mining in the country... again.
Read more »
Iran cuts electricity to licensed crypto miners: BloombergIran will cut the power supply to crypto miners from 22nd June of this year as it faces increased demands in power.
Read more »
Russia seems to be preparing to mine Bitcoin with flare gasRussia has big plans for crypto mining. State-owned gas company Gazprom Neft will provide flare gas to BitRiver, the largest crypto-mining service supplier in Russia.
Read more »
Italian Oil Giant Joins Qatar Gas Project after Russia Cuts SuppliesEni joined Qatar’s $28.75 billion project to expand production in the world’s largest natural gas field after Russia cut supplies to Italy.
Read more »
‘The Situation Is Serious': Germany Plans to Fire Up Coal Plants as Russia Throttles Gas SuppliesGermany says it will compensate for a cut in Russian gas supply by increasing the burning of coal — the most carbon-intensive fossil fuel in terms of emissions.
Read more »