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Iranian government to cut power supply for the country's legal crypto mining rigs

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According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran's Ministry of Energy, said that the entity would be cutting 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."The move comes after the country's Ministry of Energy reported a disappointing gain of 1.2 gigawatts (GW) 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.

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