Iran to cut electricity to licenced Miners

[DanWalker]

Power cuts for miners will likely be temporary since Iran is entering summer and it needs to ensure enough supplies for the country during this time. It is possible that the power cut to all licensed miners could also be part of an attempt to detect and combat illegal mining facilities that use unauthorized electricity.

Recently, the market has fallen continuously for various reasons and I don't believe that this is the cause of the market's current weakness.

[yazher]

What a bad news for the miners out there they might be hard to stand up again and they might be paying some fines due to their wrongdoing. That's really a high contribution considering there are only a few miners out there as a whole and I wasn't aware Iran has that huge number of miners. They aren't really totally hostile against miners but cutting their electricity without warning is just one thing they don't want anymore in their country because of these electricity issues. It's clearly affecting every miner because of this current issue those miners that are operating in the friendly countries might consider thinking of the possibility that this kind of thing will happen to them too, so they need to think of another way now.

[Leviathan.007]

That's a piece of awful news for the miners in Iran, I guess after this they will try to do underground mining because when they pay their money to buy the mining stuff and maybe pay some money for the rent someplace to the miners they did calculate everything and they were hoping to be able to mine without of any problem during the year, especially when they have got the license for mining bitcoin, I think that's a very false movement by the Iranian government and none will seek for a mining license for their business after this.

[ChrisPop]

We can't know for sure the impact of this news, but yet I don't see how the ceased operations of some mining farms located in Iran that operated without a license would affect the price. Especially with a below 5% weight in total mining power this should be quite insignificant. I'm sure there are farms developing all over the world. Take a look at the chart below. The mean hash rate is at all time highs and surging quite rapidly while the price is having a downturn. The recent drop in hashrate might be caused by mining farms who are forced to cease operations as they can't cover their expenses.

[stompix]

Take a look at the chart below. The mean hash rate is at all time highs and surging quite rapidly while the price is having a downturn. The recent drop in hashrate might be caused by mining farms who are forced to cease operations as they can't cover their expenses.

So how is the Hashrate at an all-time high and surging rapidly when it is going down?

The ATH was on May 11th, I'm not talking about random daily spikes which hold no mining as they could look different by simply changing the time when the day begins, EST, GMT, PST but about difficulty adjustments, it was at 223.70, the last adjustment brought it down again to 211.63 so that is a -5.39% from an ATH more than a month ago.
And the current trend is also down although again a slight variation, of just 1% now.

So the numbers might be right, just as everyone was surprised when it happened to Kazasctahn, seems like Iran is also in the 1% of overall hashrate with a +/- 1% error margin.

That's really a high contribution considering there are only a few miners out there as a whole and I wasn't aware Iran has that huge number of miners.

What, 0.12% of the total?
If they had 5% it would've been instantly shown even in the last adjustment but it's not the case.
So basically no news, or on the same level as Madagascar banning it.

[teosanru]

Iran have been on the support of cryptocurrency mining for a long. Recently it stopped the operation of thousands of cryptocurrency miners running without proper registration. This illegal usage of electricity is identified and further 118 cryptocurrency mining farms were given with licence. Now considering the summer and the need for more electricity the miners supply were cut. According to data collected by Cambridge Centre for Alternative Finance (CCAF) Iran contributed 4.5% of Bitcoin mining during the May month last year and this dropped down to 0.12% January 2022. Will this have any impact over the price drop of bitcoin.

Iran Cuts Power to All Licensed Crypto Miners

Just 4% i don't think this should have any major impact on the overall bitcoin hash power, all it will do is give a little correction to the hash rate and eventually it will get back in trend. Talking about price and market these sort of news would have already been discounted by the market so any price correction which might have happened due to this has already been discounted in the price. So you shouldn't worry about the price for sure.