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<ul class="summary-list"><li><keyword id="12062557" type="UNKNOWN" weightage="60" keywordseo="iran" source="Orion">Iran</keyword> is ordering authorized crypto-mining centers to shut down until March to prevent blackouts ahead of winter.</li><li>Bloomberg was first to report, citing Mostafa Rajabi Mashhadi, director of Iran Grid Management.</li><li>This is the second time this year Iran has ordered the centers to shut down. The first one was in May.</li></ul>Iran is ordering authorized crypto-mining centers to shut down until March 6 next year to prevent blackouts ahead of winter as the country's power plants struggle to provide power.<a href="https://www.bloomberg.com/news/articles/2021-12-28/iran-orders-crypto-mining-ban-to-save-power-amid-winter-crunch?srnd=cryptocurrencies" target="_blank" rel="noopener">Bloomberg was first to report</a>, citing Mostafa Rajabi Mashhadi, director of Iran Grid Management, the national power grid developer and operator. He is also the spokesman for Iran's power industry.This is the second time this year the Middle Eastern nation has ordered the centers to shut down. The first one was in <a href="https://markets.businessinsider.com/news/currencies/iran-bans-crypto-bitcoin-mining-electricity-demand-summer-surge-blackouts-2021-5">May</a> when Iran faced a series of blackouts due to higher than usual energy consumption during the summer season, compounded by drought and high temperatures. The order was lifted in September.The ban is said to free up 209 megawatts of power for consumption in the household sector, Mashhadi said, according to Bloomberg. <a href="https://www.businessinsider.com.au/category/bitcoin-mining?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Cryptocurrency mining</a> has <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">long been criticized</a> due to its heavy energy use and environmental impact. Various research, including a study from Cambridge University, <a href="https://cbeci.org/cbeci/comparisons" target="_blank" rel="noopener">has shown</a> that bitcoin mining around the world uses more energy each year than some entire nations.As such, Iranian authorities are also cracking down on illegal mining, which consumes more than 600 megawatts of electricity, Bloomberg reported. Other measures Mashhadi is promoting include switching off street lights and limiting electricity consumption in offices.

Iran is ordering crypto-mining centers to shut down for the 2nd time this year to prevent blackouts

<ul class="summary-list"><li><keyword id="41896" type="COUNTRY" weightage="60" keywordseo="Iran">Iran</keyword>'s Ministry of Industry has issued licenses to 30 <keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">crypto mining</keyword> operators. </li><li>Earlier this year, the country banned <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> mining for the summer due to energy shortages.</li><li><keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">Cryptocurrency</keyword> mining has been criticized for its environmental impact and energy consumption. </li></ul>The Iranian Ministry of Industry has issued licenses to 30 crypto mining operators despite announcing a blanket ban on mining operations due to energy shortages earlier this year, the <a href="https://financialtribune.com/articles/business-and-markets/109155/30-cryptomining-units-have-license">Financial Tribune</a> first reported. The newly licensed crypto miners are spread across the country, with only one of them being situated in the country's capital Tehran, while six are located in the Semnan province.In May the <a href="https://markets.businessinsider.com/currencies/news/iran-bans-crypto-bitcoin-mining-electricity-demand-summer-surge-blackouts-2021-5-1030467308">government issued a ban on crypto mining</a> until mid-September after a series of blackouts that were linked to the energy intensive process. Drought and high temperatures have increased electricity demand and are expected to continue throughout the summer months. Crypto mining is an energy-intensive process, as each transaction, or new purchase, requires data blocks to be validated and added to the public blockchain networks that cryptocurrencies operate on. Mining machines often require significant cooling as they work to manage this process nonstop, and critics claim that the energy used often comes from fossil fuels. The sum of the power produced by mining machines is referred to as the hash rate. The environmental impact of crypto mining is one of the reasons for China's crackdown on this process. The country has historically been the biggest contributor to the hash rate, accounting for over 65% of crypto mining according to the <a href="https://cbeci.org/mining_map">Cambridge Center for Alternative Finance.</a> But the Chinese government has taken a series of steps recently to limit crypto miners' activity, including banning them from operating in some regions, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-china-price-crypto-regulation-glassnode-2021-6-1030547552">causing the global hash rate and trading activity to drop</a>. The government has said this is part of its net zero strategy. <a href="https://cbeci.org/mining_map">Cambridge Center for Alternative Finance</a> data shows that Iran is the sixth largest crypto mining hub in the world, accounting for just under 4% of the global hash rate. Low electricity prices and tight restrictions on foreign currencies make crypto mining an attractive source of income in the country, where many citizens struggle to access the financial system. The majority of crypto miners in the country allegedly operate under the radar and do not possess licenses. President Hassan Rouhani claimed this applies to around 85% of crypto miners, <a href="https://www.reuters.com/technology/iran-bans-cryptocurrency-mining-4-months-amid-power-cuts-2021-05-26/">Reuters</a> reported. Last week, authorities seized 7,000 crypto mining machines from illegal operators as they continue to crack down on underground crypto activities.

Iran has issued 30 crypto mining licenses despite a ban on mining this summer due to energy shortages

<ul class="summary-list"><li><keyword id="41896" type="COUNTRY" weightage="60" keywordseo="Iran">Iran</keyword> has banned <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> mining over the summer ahead of an anticipated surge in <keyword id="159873" type="PERSON" weightage="60" keywordseo="electricity-demand">electricity demand</keyword>, Bloomberg reported.</li><li>The ban is effective immediately until September 22.</li><li>Approximately 4.5% of all <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> occurs in Iran, according to Elliptic.</li></ul>Iran has banned cryptocurrency mining over the summer ahead of an anticipated surge in electricity demand, <a href="https://www.bloomberg.com/news/articles/2021-05-26/iran-bans-crypto-mining-to-keep-the-lights-on-over-summer">Bloomberg first reported</a>. The country the past few days has experienced widespread <keyword id="4330279" type="PERSON" weightage="60" keywordseo="blackouts">blackouts</keyword> due to higher than usual energy consumption, compounded by drought and high temperatures, according to <a href="https://www.arabnews.com/node/1863336/middle-east">Arab News</a>.While cryptocurrency mining was highlighted, other electricity-intensive activities were also prohibited, President Hassan Rouhani announced on state television Wednesday."The ban on the mining of cryptocurrencies is effective immediately until September 22," Rouhani said as <a href="https://www.reuters.com/technology/iran-bans-cryptocurrency-mining-4-months-amid-power-cuts-2021-05-26/">Reuters reported</a>. "Some 85% of the current mining in Iran is unlicensed." <a href="https://www.businessinsider.com.au/category/bitcoin-mining">Cryptocurrency mining</a> has <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497">long been criticized</a> due to its heavy energy use and environmental impact. Various research, including a study from Cambridge University, <a href="https://cbeci.org/cbeci/comparisons" target="_blank" rel="noopener">has shown</a> that bitcoin mining around the world uses more energy each year than some entire nations.Mining cryptocurrencies, a complex process that includes validating data blocks to include in the public ledger, is power-intensive and often relies on fossil fuels. Approximately 4.5% of all bitcoin mining occurs in Iran, according to blockchain analytics firm <a href="https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions">Elliptic</a>.<div type="image" title="Screen Shot 2021 05 26 at 9.01.11 AM" height="443" width="591" msid="82975545" hostid="261"></div>The fact that the country has <a href="https://www.businessinsider.com/currency-crisis-impoverishes-iranians-strains-economic-defenses-2020-7">restricted access to foreign currencies</a> also makes cryptocurrency mining more attractive.The ban however raises concerns about pushing the practice -including those licensed-into the black market. Iran in the past has launched a crackdown on illegal miners, accordin to <a href="https://www.bloomberg.com/news/articles/2021-05-21/iran-enlists-its-spies-to-hunt-down-power-hungry-bitcoin-miners">Bloomberg</a>.

Iran bans crypto mining for the summer ahead of peak electricity demand

<a href="https://www.businessinsider.com/category/rise-of-the-crypto-economy"></a><div type="image" title="Left to right: White Rock Management CEO Andy Long, Founder Serhiy Tron, and North America General Manager Alex Lyashok." height="3840" width="5119" msid="92525977" hostid="261" sizebytes="437624"></div><ul class="summary-list"><li>New York issued a two-year moratorium on certain crypto-mining permits that could set a precedent.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> miners who use sustainable energy sources could have an advantage if other states follow.</li><li>White Rock Management's sustainable mining is helping it expand into other countries like the US.</li></ul>When New York's State Legislature passed a <a href="https://markets.businessinsider.com/news/currencies/cryptocurrencies-new-york-mining-bill-senate-moratorium-passes-bitcoin-vote-2022-6">bill</a> in June putting a two-year moratorium on issuing certain new crypto-mining permits, it was an attempt, in part, to curb the use of fossil-fuel plants. But the crypto-mining industry, which lobbied hard against the bill, saw it as a potential precedent that other states, and maybe even the federal government, might follow.Supporters of the bill wanted to see miners banned from using the city's power grid as the state executes <a href="https://www1.nyc.gov/site/sustainability/achievements/renewable-energy.page#:~:text=A%20clean%20energy%20system%20is,100%25%20clean%20electricity%20by%202040">climate-change themed</a> initiatives that rely on electricity.White Rock Management is a <keyword id="14313891" type="UNKNOWN" weightage="60" keywordseo="crypto-miner" source="Orion">crypto miner</keyword> that uses <a href="https://www.businessinsider.com/cowa-green-crypto-mining-startup-tips-industry-for-consolidation-2022-4">sustainable techniques</a>, like hydro electricity, which are immune to such moratoriums. But that hasn't stopped its CEO Andy Long from voicing his concerns over the regulation."When government starts to decide what you can and can't do with a piece of hardware, it's the thin end of the wedge. It's too close to the state deciding what private enterprise can do," Long told Insider.White Rock, which is based in Switzerland, mines 712 petahashes, or 0.7 exahashes, per second and owns just under 1% of the network. It plans to expand its bitcoin-mining operations to other countries, including the US, to diversify its mining locations and push its network share to 1.5% by 2024. Long, who was a miner nine years before joining White Rock in 2021, knows how critical regulations can be to business. He recalled being offered "very cheap power" in Iran a few years back. He turned down the offer and months later it proved to be a wise decision when sanctions were announced against Iran, a measure that would have disrupted plans. "You don't want to have all your eggs in one basket. It's good to be globally diversified," Long said.In White Rock's eyes, the US is an attractive country overall when examining infrastructure and regulation. It's also keen on positioning itself for the mergers and acquisitions it believes will soon follow the recent market selloff. "There are 29 listed miners between the US and Canada. And then you have privately-held entities like ourselves. I think there's going to be quite a lot of activity of companies merging and acquiring each other. So we want to have a presence in North America to be part of that picture," Long said.White Rock is keeping an eye on how states like New York handle the crypto-mining industry. If New York's governor signs the moratorium, it wouldn't stop White Rock from entering the Empire state because the corporate miner mainly uses clean energy sources, Long said. White Rock's operations include 19 hydro-electric stations on a river in Sweden that generate 4,300 megawatts, of which White Rock uses more than 50 megawatts. The miner aims to have a similar setup in the States, if possible. Northern New York is on its radar, but the state doesn't offer enough hydroelectric options to keep it top of White Rock's list of viable locations for its hardware. So the company is focusing more on the middle of the country.White Rock <a href="https://www.prnewswire.com/news-releases/white-rock-management-launches-first-us-bitcoin-mining-operation-301576032.html">secured a location in Texas</a>, a state that already houses one of the <a href="https://markets.businessinsider.com/currencies/news/largest-bitcoin-mine-operator-plans-us-listing-raise-half-billion-2021-2-1030113575">largest crypto mines in the world</a>, and is in "advanced talks" to secure more locations in other states, including Wyoming.The miner is still looking for prime locations. For White Rock, Long said those are states "more inclined to let private enterprise take personal responsibility for what they're doing; and states where there's infrastructure to basically secure the <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> network." In June, Bitzero, a bitcoin-miner backed by investor and Shark Tank personality Kevin O'Leary, announced it was setting up its operations in <a href="https://markets.businessinsider.com/news/currencies/conocophillips-sells-natural-gas-north-dakota-bitcoin-miners-bakken-shale-2022-2?utm_medium=ingest&amp;utm_source=markets">North Dakota</a>. The company is looking into other ways to source energy in case hydro electricity isn't always possible like solar, wind, and nuclear. But it has to be consistent and predictable for machines that run non-stop.<a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-flare-gas-btc-energy-crusoe-energy-coinbase-winklevoss-2021-6-1030537177">Flare gas</a>, a byproduct of oil patches which one the US's largest bitcoin miners, North Dakota-based <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-flare-gas-btc-energy-crusoe-energy-coinbase-winklevoss-2021-6-1030537177">Crusoe Energy</a> uses to run its operations, is an option. But Long said flare gas has yet to be fully efficient. So White Rock will keep an eye on the legislation surrounding it. "We've seen some states actually legislate to restrict flaring. And we think that's a good thing because there's better ways of doing that," Long said. "But that's getting into direct emissions. It's not saying what you do with the power. That's what I don't like about the New York legislation."

White Rock Management is taking a sustainable approach to crypto mining in its US expansion as the sector faces increased scrutiny from regulators

<ul class="summary-list"><li>Countries like Russia could use the <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ecosystem to sidestep sanctions in several ways, the <keyword id="6355408" type="General" weightage="60" keywordseo="imf" source="Orion">IMF</keyword> has said.</li><li>Russia could use its embargo-hit energy resources to mine bitcoin for hard cash, it suggested in a report.</li></ul>Russia could use the crypto ecosystem to get around Western sanctions in several ways, the <keyword id="6366068" type="General" weightage="60" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> has suggested — including by using its embargo-hit energy sources to mine <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial" data-type="tilCustomLink">bitcoin</a>. In its recent <a href="https://www.imf.org/en/Publications/GFSR/Issues/2022/04/19/global-financial-stability-report-april-2022">financial stability report</a>, the IMF laid out how sanctioned countries like Russia could use crypto to their benefit, and advised policymakers around the world to consider amending laws to take crypto assets into account. Russia is grappling with <a href="https://www.businessinsider.com/russian-sanction-ukraine-putin-invasion-long-term-economic-impact-g7-2022-4?r=US&amp;IR=T">crippling sanctions</a> that have cut it off from the global financial system and the dollar after it invaded Ukraine in late February, and European Central Bank chief Christine Lagarde and others have warned crypto is being used to sidestep the measures. "The war in Ukraine has brought to the forefront some of the challenges that regulators face in terms of applying sanctions and capital flow management measures," the IMF said in the report published Tuesday. "The crypto ecosystem, however, could allow users to circumvent such requirements through several means," it added. One way is to use exchanges and other crypto providers that don't comply with sanctions, or that don't scrupulously carry out due diligence. Using decentralized exchanges or technology such as privacy mixers to make transactions more anonymous is another. Countries should make sure crypto can be brought under the same capital control umbrella as traditional assets, the financial stability watchdog urged. "Laws and regulations for foreign exchange and capital flow management measures should be reviewed and amended if necessary to cover crypto assets, even if they are not classified as financial assets or foreign currency," it said. <h4><keyword id="1660859" type="General" weightage="60" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword></h4>Cut off from the leading foreign currency, Russia could turn to <a href="https://www.businessinsider.com/bitcoin-mining?r=US&amp;IR=T">bitcoin mining</a> to generate hard cash from its unwanted energy exports, the IMF suggested. The US has <a href="https://www.businessinsider.com/us-sanctions-russian-bitcoin-miner-farther-punish-putin-ukraine-war-2022-4?r=US&amp;IR=T">banned</a> Russian energy imports, and pressure is building on Europe to bring in its own oil embargo. Russia is a <a href="https://markets.businessinsider.com/news/commodities/too-big-to-sanction-10-facts-russia-oil-commodity-exports-2022-3">major player</a> in the oil, gas and coal <keyword id="31671" type="General" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, but many traders have shunned its energy exports in face of the measures. Over time, sanctioned countries could allocate more resources toward evading sanctions through <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> mining, the IMF said, echoing <a href="https://www.bloomberg.com/news/articles/2022-03-03/energy-rich-russia-may-turn-to-bitcoin-mining-to-dent-sanctions">warnings made by some analysts</a>. "Mining for energy-intensive <a href="https://www.businessinsider.com/what-is-blockchain?r=US&amp;IR=T">blockchains</a> like bitcoin can allow countries to monetize energy resources, some of which cannot be exported due to sanctions," it said. Proceeds from mining on the blockchain are outside the financial system, and so beyond the reach of sanctions, and that miners can also generate revenue from transaction fees, the IMF noted. But it acknowledged the small shares of mining in sanctioned countries such as Russia and Iran, when factored into the amount of mining revenue overall, mean the flows of money involved are contained. Russian miners accounted for 11% of the average $1.4 billion in revenue from bitcoin mining last year, it calculated. The US Treasury, though, described Russia's crypto-mining industry as the third-biggest in the world, as it <a href="https://www.businessinsider.com/us-sanctions-russian-bitcoin-miner-farther-punish-putin-ukraine-war-2022-4">imposed sanctions on Bitriver</a> on Thursday. It targeted the Russian virtual bitcoin miner and 10 of its subsidiaries in a bid to block avenues of funding the Ukraine war. The war underscores the difficulty regulators face in applying sanctions and measures to manage the flow of capital, according to the IMF. "Crucially, the implementation of such measures requires that intermediaries verify the identities of the transacting parties," it said. It urged policymakers to develop comprehensive global standards for crypto assets and to coordinate their regulatory approach with others around the world. It also recommended "more robust" oversight of fintechs and DeFi platforms.

Crypto could give Russia several ways to sidestep sanctions — and bitcoin mining powered by embargo-hit energy is just one, the IMF says

<ul class="summary-list"><li>Even if <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> hit $10 trillion by 2030, its <keyword id="12152918" type="UNKNOWN" weightage="60" keywordseo="emissions" source="Orion">emissions</keyword> would still only account for less than 0.9% of the global total, an NYDIG report said.</li><li><keyword id="11971141" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> currently produces fewer <keyword id="11949068" type="UNKNOWN" weightage="60" keywordseo="carbon-emissions" source="Orion">carbon emissions</keyword> than aviation or air conditioning, the report said.</li><li>Back in 2019, bitcoin already used as much energy as the Philippines, according to Cambridge University data.</li></ul>Bitcoin mining will only contribute to 0.9% of global carbon emissions even if the coin's price were to hit a mind-boggling $10 trillion by 2030, according to a <a href="https://nydig.com/research-and-insights/">report</a> by <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> technology company New York Digital Investment Group (NYDIG) earlier this week. Bitcoin's emissions are mostly driven by the carbon intensity of the energy sources and consumption of the miners that scour the network. Bitcoin creation depends upon a "proof of work" system, where miners compete to assemble transactions on the blockchain and this requires vast amounts of power, much of it currently derived from fossil fuels. In the past, bitcoin has faced a lot of criticism because of its energy consumption. Already in 2019, bitcoin already used as much energy as the Philippines, according to Cambridge University<a href="https://cbeci.org/cbeci/comparisons"> data</a>. Elon Musk said <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5">on </a>Twitter back in May that his Tesla electric vehicle maker would no longer accept any payment in bitcoin over concerns that its fossil fuel use was rapidly increasing. However, the NYDIG report showed the situation is not quite as dire as many might fear."Bitcoin's absolute electricity consumption and carbon emissions are not significant in global terms," NYDIG said in its report.Bitcoin mining only represents 0.1% of global carbon emissions right now, which was 33 million tonnes of carbon dioxide (MtCO2) in 2020, less than what aviation or air conditioning produces, the report said. After the Chinese crackdown on mining, bitcoin mining fell from consuming 92 terawatt hours (TWh) in March this year, to just 49 TWh by July, the report showed. NYDIG said it had calculated the future energy consumption of bitcoin miners based on price trajectory, miners' energy mixes, activity, locations, economics, power prices and transaction fee volumes. Prior to China's crackdown, most of the world's bitcoin miners were located there. But many have since relocated to countries that offer more environmentally friendly power sources, such as Iran or the United States. "Over the longer term, the intensity of bitcoin's carbon emissions (and with it bitcoin's absolute carbon emissions) will decline, as the development of renewables continues and countries strive to decarbonize their electricity grids," the report said.

Bitcoin mining will contribute just 0.9% to total global emissions by 2030, even in the most bullish price scenario: NYDIG

<ul class="summary-list"><li>When <keyword id="43162" type="ORGANIZATION" weightage="60" keywordseo="UK-Police">UK police</keyword> were getting ready to raid what they suspected was a cannabis farm, they discovered a crypto mine instead.</li><li>Police said the mine was stealing thousands of pounds worth of electricity from the main supply.</li><li>"It's certainly not what we were expecting," the police said in a statement. </li></ul>When police in West Midlands, UK were getting ready to raid what they suspected was a cannabis farm on May 18, they instead discovered a cryptocurrency mine that was stealing thousands of pounds worth of electricity from the main supply."It's certainly not what we were expecting," Sandwell Police Sergeant Jennifer Griffin, <a href="https://www.west-midlands.police.uk/news/bitcoin-mine-uncovered-during-industrial-unit-raid">said in a statement</a>. British police were alerted of numerous people visiting the location at different times of the day. Wiring and ventilation ducts that were visible and voluminous also raised concerns. Following these suspicions, the police flew a drone above the location, which picked up a considerable heat source from above."It had all the hallmarks of a cannabis cultivation set-up," Griffin said.But upon entry, they discovered a bank of around 100 computer units as part of what's understood to be a <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> operation. Griffin said this is believed to be the only second such crypto mine British police have encountered in the region.<div type="image" title="Crypto mine single unit WM_0" height="596" width="795" msid="83063295" hostid="261"></div>"We've seized the equipment and will be looking into permanently seizing it under the Proceeds of Crime Act," Griffin said. "No one was at the unit at the time of the warrant and no arrests have been made - but we'll be making enquiries with the unit's owner."<a href="https://www.businessinsider.com.au/category/bitcoin-mining?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Cryptocurrency mining</a> has <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">long been criticized</a> due to its heavy energy use and environmental impact. Various research, including a study from Cambridge University, <a href="https://cbeci.org/cbeci/comparisons" target="_blank" rel="noopener">has shown</a> that <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> mining around the world uses more energy each year than some entire nations."My understanding is that mining for cryptocurrency is not itself illegal but clearly extracting electricity from the mains supply to power it is," Griffin said.Western Power, the electricity distribution operator for the Midlands, revealed that thousands of pounds worth of energy had been stolen to power the mine, bypassing the normal electric supply.More and more governing bodies have raised concerns about the massive energy consumption needed to mine cryptocurrencies.On May 26, Iran has <a href="https://markets.businessinsider.com/currencies/news/iran-bans-crypto-bitcoin-mining-electricity-demand-summer-surge-blackouts-2021-5-1030467308">banned cryptocurrency mining over the summer</a> ahead of an anticipated surge in electricity demand.China's Inner Mongolia Autonomous Region on May 19 <a href="https://markets.businessinsider.com/news/stocks/inner-mongolia-bitcoin-mining-ban-china-cryptocurrency-hotline-report-operations-2021-5-1030447689">doubled down on its crypto-mining ban</a> by setting up a hotline for the general public to report suspected activity.In New York, <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497">a bill introduced in the State Senate</a> is seeking to <a href="https://www.nysenate.gov/legislation/bills/2021/S6486" target="_blank" rel="noopener">halt bitcoin mining</a> for three years until the state has assessed its impact on the environment.

A massive cannabis farm raided by UK police turned out to be a bitcoin mine

<ul class="summary-list"><li>The use of NFTs and cryptocurrencies is taking a toll on <keyword id="49089" type="ORGANIZATION" weightage="100" keywordseo="Sustainability">sustainability</keyword> and environmental health.</li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> mining machines around the world use about as much power as Bangladesh, Bloomberg reports.</li><li>The nonprofit Blockchain for Climate is advocating for ways to incentivize emissions reductions.</li></ul>Over the last several years, non-fungible tokens (NFTs) and cryptocurrencies have exploded in popularity. While the mining of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">digital currencies</a> such as Bitcoin started in 2009, <a href="https://www.cnbc.com/2021/06/21/coinbase-backed-amber-group-cryptocurrency-trading-firm-hits-1-billion-valuation.html">trading activity</a> on platforms like Coinbase and mainstream <a href="https://observer.com/2021/07/nft-sales-2021-billion/">sales of NFTs</a> have risen significantly during the pandemic. However, as NFTs and cryptocurrencies grow in daily use, trade, and adoption, so do their significant energy usage, environmental impact, and overall sustainability. <h2>A lot of money is at stake</h2>At its peak this year, the value of Bitcoin <a href="https://clsbluesky.law.columbia.edu/2021/03/26/how-the-covid-19-pandemic-affected-the-cryptocurrency-market/">skyrocketed</a> by 640% compared to last March. An NFT of artist Beeple's digital collage "Everydays: The First 5000 Days" also sold at the Christie's auction house for a record <a href="https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million">$69 million</a>. Both Bitcoin and NFTs rely on <a href="https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html">blockchain technology</a> - decentralized public digital ledgers - that is constantly recorded and updated on millions of specially built computers that maintain the network. New Bitcoins and other <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> are also minted after the purpose-built computers solve increasingly complex math puzzles known as "hashing algorithms." <h2>Energy consumption is a constant concern</h2>In addition to fluctuations for Bitcoin, ether, and other digital currencies, cryptocurrency miners are constantly monitoring how much energy is needed to constantly power, cool, and store all of this specialized computer equipment. Most of this energy comes from fossil fuel sources in places offering cheap prices. And while digital currencies only make up a fraction of global transactions, their energy consumption has already become a serious concern of <a href="https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html">financial regulators</a>, energy providers, and <a href="https://www.newshub.co.nz/home/technology/2021/07/nz-government-launched-cryptocurrency-inquiry-to-understand-benefits-and-risks.html">government agencies</a>. A new <a href="https://www.bloomberg.com/news/features/2021-07-13/bitcoin-miners-building-rigs-must-navigate-world-of-crypto-power-hunting">report</a> from Bloomberg estimates the machines that mine Bitcoin located around the world consume about as much power as all of Bangladesh, a country of more than 160 million people. The <a href="https://cbeci.org/">Cambridge Bitcoin Electricity Consumption Index</a> estimates cryptocurrency uses more energy than entire nations like Sweden and Malaysia. <h2>China's dominance in <keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">crypto mining</keyword></h2>The location of mining facilities is also a huge consideration. A majority of this cryptocurrency mining activity (<a href="https://cbeci.org/mining_map">65%</a> to <a href="https://www.nature.com/articles/s41467-021-22256-3.pdf">75%</a>) has been estimated to take place in China, primarily in the provinces of Xinjiang, Inner Mongolia, Sichuan, and Yunnan. Xinjiang and Inner Mongolia are home to many of the country's coal plants, which are the source of <a href="https://www.reuters.com/article/us-china-politics-carbon-plan/xis-carbon-neutrality-vow-to-reshape-chinas-five-year-plan-idUSKBN27B08B">57%</a> of its energy use. In response to China's pledge to be carbon neutral by 2060, many of those coal plants have been <a href="https://www.coindesk.com/why-chinas-ban-on-crypto-mining-is-more-serious-than-before">shut down</a> recently, and high-energy businesses - like Bitcoin miners - in the provinces have been told to stop operating. As a result, the Financial Stability and Development Committee of China's State Council <a href="https://www.reuters.com/technology/china-says-it-will-crack-down-bitcoin-mining-trading-activities-2021-05-21/">officially called</a> for an eradication of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> mining and trading on May 21. Concerns over energy consumption and demand for electricity also halted cryptocurrency mining in Iran in late May. For years, the country offered cheap power and required miners to sell their bitcoins to the central bank. But the government instituted a <a href="https://www.reuters.com/technology/iran-seizes-7000-cryptocurrency-computer-miners-largest-haul-date-2021-06-22/">four-month ban</a> after officials blamed cryptocurrency mining for power outages. <h2>Sustainability efforts in the industry</h2>There are sustainability-focused uses of blockchain. The nonprofit group <a href="https://www.blockchainforclimate.org/">Blockchain for Climate</a> is advocating for the technology to help connect the world's national carbon accounts to trade carbon-emissions reductions. There are also more environmentally friendly cryptocurrency alternatives, including <a href="https://solarcoin.org/">SolarCoin</a> (SLR), <a href="https://cardano.org/">Cardano</a> (ADA), <a href="https://bitg.org/">BitGreen</a> (BITG), <a href="https://nano.org/">Nano</a>, and <a href="https://hedera.com/">Hedera Hashgraph</a>. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

Energy consumption is a constant concern in crypto mining, but more sustainable practices are emerging

<ul class="summary-list"><li>The US Treasury has sanctioned <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> miner Bitriver and its subsidiaries in <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>.</li><li>It says Russia's virtual currency mining industry is the third largest in the world.</li></ul>The US is adding a cryptocurrency-mining company to its list of sanctions against Russia in an attempt to block avenues of funding for its invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.The US Treasury <a href="https://home.treasury.gov/news/press-releases/jy0731">said</a> Wednesday it's lobbing a fresh round of sanctions at some 40 Russian entities and individuals, including bitcoin-mining firm Bitriver and 10 of its subsidiaries in Russia.It's the first time the US is targeting a virtual currency mining company, the Treasury said.Bitriver did not immediately respond to Insider's request for comment. Founded in 2017 by Russian businessman Igor Runets, Bitriver offers up crypto mining hosting services and is currently headquartered in Zug, Switzerland. It was previously headquartered in Moscow, according to its <a href="https://bitriver.farm/en/about" target="_blank" rel="noopener noreferrer">website</a>, and has more than 200 staff across three Russian offices as well as other markets. Western countries have imposed sweeping sanctions on Russia since the start of its invasion of Ukraine, targeting the country's largest financial institutions, tech companies, Russian President Vladimir <keyword id="11909347" type="UNKNOWN" weightage="60" keywordseo="putin" source="Orion">Putin</keyword>, and many of his cronies. The US has <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/08/fact-sheet-united-states-bans-imports-of-russian-oil-liquefied-natural-gas-and-coal/">banned</a> the import of Russian oil and energy, cutting off one route for financing the war.With Wednesday's list, the US wants to cut off Russia's ability to monetize that energy in other ways.The Treasury described Russia's crypto-mining industry as the third-biggest in the world, a statistic that likely <a href="https://ccaf.io/cbeci/mining_map">stems from Cambridge University analysis</a>, which puts US and Kazakhstan at a larger share. China banned crypto mining in 2021.Cryptocurrency mining can "allow countries to monetize energy resources, some of which cannot be exported due to sanctions," the International Monetary Fund said in a recent <a href="https://www.imf.org/en/Publications/GFSR/Issues/2022/04/19/global-financial-stability-report-april-2022">report</a>, adding that the risk is fairly contained for now. Global monthly revenue from bitcoin mining last year was about $1.4 billion on average, with Russia accounting for about 11%, the report noted.<a href="https://www.businessinsider.com/bitcoin-mining">Cryptocurrency miners</a> operate the computing systems that underpin, for example, the bitcoin network. They go through an energy-intensive process to solve mathematical puzzles. The first to figure these puzzles out are rewarded with cryptocurrency. Farms like Bitriver host such miners at scale, buying electricity at cheaper wholesale prices.The Treasury said that Russia has an advantage in cheap energy resources and a cold climate, which makes it cheaper for companies elsewhere to mine crypto from Russia. This in turn injects foreign funds into Russia's economy."The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions," the Treasury said.Cryptocurrencies are thought to have supported terrorist financing or money laundering.In 2019, North Korea was <a href="https://www.reuters.com/article/us-northkorea-cyber-idUSKCN1VM18K">accused</a> by the UN of raising $2 billion, partially through raiding cryptocurrency exchanges, to fund its weapons of mass destruction programs. Its government denied the allegations. And a 2021 analysis by blockchain analytics firm Elliptic found that Iran could skirt sanctions by raising up to $1 billion annually through bitcoin mining, Reuters <a href="https://www.reuters.com/technology/iran-uses-crypto-mining-lessen-impact-sanctions-study-finds-2021-05-21/">reported</a>.Aside from Bitriver, the Treasury's latest list of sanction targets includes Transkapitalbank, a Russian privately-owned commercial bank, and companies related to Russian oligarch Konstantin Malofeyev.

You Searched For "crypto mining in iran" and got 9 results

Iran is ordering crypto-mining centers to shut down for the 2nd time this year to prevent blackouts

Isabelle Lee

Iran has issued 30 crypto mining licenses despite a ban on mining this summer due to energy shortages

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Iran bans crypto mining for the summer ahead of peak electricity demand

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White Rock Management is taking a sustainable approach to crypto mining in its US expansion as the sector faces increased scrutiny from regulators

Asia Martin

Crypto could give Russia several ways to sidestep sanctions — and bitcoin mining powered by embargo-hit energy is just one, the IMF says

Hamza Fareed Malik

Bitcoin mining will contribute just 0.9% to total global emissions by 2030, even in the most bullish price scenario: NYDIG

Camomile Shumba

A massive cannabis farm raided by UK police turned out to be a bitcoin mine

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Energy consumption is a constant concern in crypto mining, but more sustainable practices are emerging

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The US has sanctioned crypto-mining firm Bitriver to prevent Russia from bypassing energy export bans

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