Crypto Iran Facing Electricity Problem due to Mining Activities

[Josemendez]

According to news gathered from Cointelegraph , Iran has presently halted exportation of electricity to neighbouring countries.

Iran had earlier opened their door to cryptocurrency mining ,which saw many miners moving to the country. However , there has been a higher consumption of electricity against production. This can be attributed to the electricity consumption from the mining activities.

Iran in other to sort this issue have stopped any form of electricity exportation so that the produced electricity will be enough locally. There is also concern on the fate of mining , especially now that it is obvious that it is affecting their electricity supply.

Do you think that this can make the country to reconsider their stands on cryptocurrency mining in the country ?

 

[Chibson]

Crypto mining requires a lot of energy especially Bitcoin mining. That is the reason why whenever I see a website that says you can my cryptocurrency for free I laugh at them. There are many countries that has banned The mining of cryptocurrencies because of the threat it poses to the environment. I think there are alternative who is in which people can use to mine cryptocurrencies.

 

[btaliat]

Crypto mining requires a lot of energy especially Bitcoin mining. That is the reason why whenever I see a website that says you can my cryptocurrency for free I laugh at them. There are many countries that has banned The mining of cryptocurrencies because of the threat it poses to the environment. I think there are alternative who is in which people can use to mine cryptocurrencies.

In as much I won't disagree with you that mining consumes a whole lot of energy, we still need to tell ourselves the truth that all these are conspiracy theories against cryptocurrency. Crypto started around 2009, how come there wasn't too much talk on the energy consumption then. I only see this as a strategy to ruin crypto market.

 

[btaliat]

Different claims by different government make one wonder what's really the truth when it comes to crypto world. The government is either saying there is too much energy consumption or they are saying the secrecy of cryptocurrency makes it a shady dealing, yet they want to involve in it. Will the energy reduce if it is handled by government or will the secrecy vanish when government involves in it? I smell conspiracy.

 

[Josemendez]

Crypto mining requires a lot of energy especially Bitcoin mining. That is the reason why whenever I see a website that says you can my cryptocurrency for free I laugh at them. There are many countries that has banned The mining of cryptocurrencies because of the threat it poses to the environment. I think there are alternative who is in which people can use to mine cryptocurrencies.

Well, one can mine cryptocurrency through a site but it comes in the form of investment. You have to buy hash . This money is then used to fund their Mining process and in return you will be given profit equivalent to the hash rate you bought. If it is for those that ask you to connect to their website and mine , those ones are from scammers.

 

[Chibson]

Well, one can mine cryptocurrency through a site but it comes in the form of investment. You have to buy hash . This money is then used to fund their Mining process and in return you will be given profit equivalent to the hash rate you bought. If it is for those that ask you to connect to their website and mine , those ones are from scammers.

Okay I think this your post is well explanatory. But the problem I have with some of them is that they will not really give you the percentage you invested for the hash rate. I think if one can get a legit platform then he will probably be on the way to make a whole lot of money. My fear is that so many of them are scam.

 

[Lens1000]

Bitcoin mining have attracted criticism over time. The electricity usage during the mining process is so high that it posses danger to the environment . It as attracted so many statements in different version from the bitcoin disbelievers. Iraq should know what is at stake for accepting bitcoin miners to carry out business in its country.

 

[sincerem]

They should find ways of balancing mining of Cryptocurrency through electricity they use generally, by building stronger power supply technologies that will keep the voltage high and not unstable. Crypto mining activities uses high electricity voltage and not low voltage during mining activities.

 

[Josemendez]

Okay I think this your post is well explanatory. But the problem I have with some of them is that they will not really give you the percentage you invested for the hash rate. I think if one can get a legit platform then he will probably be on the way to make a whole lot of money. My fear is that so many of them are scam.

Well , if actually you want to engage in making money hugely through cryptocurrency , then you should consider providing liquidity in exchanges like pancakeswap , Julswap , uniswap and the rest. They are legit and won't scam you of your money. You just need to have the pairs needed for the liquidity

 

[Sherman198]

With the rate at which countries are opening doors for miners in their countries, it makes you think that Bitcoin can't be forced out of existence. And I'm having a feeling that as countries doing this, the adoption of Bitcoin may rise effectively and efficiently in the accepted countries. Now has we are now having more miners than we used to have, the amount of Bitcoin we have left to mine may soon be exhausted.

 

[Good-Guy]

I believe that whenever a country allows mining, it should also focus on producing more electricity. It seems that Bitcoin mining does require a lot of electricity, so facing shortage of electricity might become a problem. I am quite sure that there are many ways to create electricity and mining cryptocurrencies in countries where electricity is cheaper is also a great idea. I am not sure about how expensive is electricity in Iran.

 

[Alexandoy]

This issue of mining vis-a-vis power, energy or electricity baffles me. What exactly is the need for mining crypto if it affects the energy supply of a region or a country? It seems silly that people would try to earn money by mining that would create a shortage of electricity. That is plain foolishness and should even be considered illegal.

 

[Mika]

I thought crypto currency was banned in Iran and here I am reading that Iran is open to mining operations. I will have to do some research on this topic. Mining activities consume a lot of energy. People are condemning cryptocurrency for their energy consumption. One of the reasons why Tesla stopped accepting bitcoin was due to the use of coal power in mining.