Rolling blackouts plague Iran and some suspect bitcoin mining may have a role in the outages
Iran’s capital and outlying provinces have faced rolling power blackouts for weeks in October and November, with electricity cuts disrupting people’s lives and businesses
TEHRAN, Iran — Iran’s capital and outlying provinces have faced rolling power blackouts for weeks in October and November, with electricity cuts disrupting people’s lives and businesses. And while several factors are likely involved, some suspect cryptocurrency mining has played a role in the outages.
Iran economy has been hobbled for years by international sanctions over its advancing nuclear program. The country's fuel reserves have plummeted, with the government selling off more to cover budget shortfalls as wars rage in the Middle East and Tehran grapples with mismanagement.
The demand on the grid has not let up, however — even as Iranians stopped using air conditioners as the weather cooled in the fall and before winter months set in, when people fire up their gas heaters.
Meanwhile, bitcoin's value has rocketed to all-time highs after the U.S. election was clinched by Donald Trump. It hit the $100,000 mark for the first time last week, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.
The surge has led some to suspect that organized cryptocurrency mining — sucking away huge amounts of power — has played a part in the outages in Iran.
“Unfortunately, some opportunistic and exploitative individuals use subsidized electricity, public networks and other resources for cryptocurrency mining without authorization," Mostafa Rajabi, the CEO of Iran's government-owned power company, said back in August.
Iran’s state energy company did not
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