Iran bans Bitcoin too

[Lucius]

AFAIK Iran bans Bitcoin mining not bans Bitcoin itself...

Yeah, sorry it escaped me. You're right.

Every post and title can be edited, so it would be good to edit the title - for the truth, but also for those who do not read anything but the OP and the title.


As for all these things that have been going on for the last week, I think we’re giving them too much attention and just adding fuel to the fire completely unnecessarily. Musk is one man, China is one country, and Iran doesn’t play a big role anyway given that it has been under sanctions for many years.

After all, all of this together has only slowed Bitcoin down a bit - and I think the price is quite realistic for those who understand the market - for those impatient who just want to profit quickly things of course look tragic.

[TangentC]

Iran bans Bitcoin a few days after China did. This is coming after what seemed like an aftereffect of the Chinese action that saw Bitcoin dip severely (it still hasn't recovered from it).

I'm wondering if there are going to be any side effects or consequences for the Bitcoin community with the action taken by the Iranian government or is it just another case of "the snail shouldn't talk where animals with horns are asked for opinions"? Iran isn't such a big name in the crypto space, by the way.

According to report, the ban is a temporary one which will last only four months to enable the country correct its power blackout.

Do you think this ban from Iran is another FUD?

Are Bitcoiners such a Cult that they refuse to see what the news is plainly putting in their face?

Let me explain it then.

Proof of Work energy waste is causing too many problems for the environment and people living on the same power grids.
As such , to protect their people and power grids , Bans on PoW mining are happening.

It is that simple, it is not fud but FACT.
Until Bitcoiners solve the PoW energy Waste issue, more Government Bans of Bitcoin PoW mining will happen.

One viable Solution is Proof of Stake, like Ethereum has chosen.
But if Bitcoiners don't want that, then they need to come up with something else instead of ignoring the issue and hoping it just goes away.

[masterrex]

I think it serves the purpose, to correct the power outages, but why it has power outages? I thought Iran has an ample supply of electricity coming from the combined output of fossil fuels and nuclear power plants, it seems that we don't really know what was happening around, by the way, if Iran bans Bitcoin completely I don't think it can influence the whole market, because Iran is not major crypto users it seems that the tweets are true about relocating the Bitcoin mining farm to Iran from China.

[LoyceV]

The reason for the ban is the energy shortage, partially caused by Bitcoin mining. The same article claims that most of the Bitcoin mining happens illegally, so I'm curious if the ban is going to help.

They've banned it so they could take out everyone that was without a license which was supposed to be mandatory theoretically in Iran, and stop an inflow of miners that might take advantage of that subsidizing energy on which Iran spends a lot and it is aimed at the general population, not businesses. If those miners would mine legally and declare in advance where they set up and who much they are requiring the authorities could have planned for it but when you suddenly have gears burning MWs in villages that had just two fridges and one air conditioning of course there will blackouts.

This makes sense But if the license was mandatory already, then basically nothing changed for the miners without license.

the risks of ending with all the gear confiscated is a way too heavy blow

Not mining for 4 months will have a serious impact on the ROI. Difficulty keeps rising, and 4 months could mean they won't earn back their investment at all.

or sell their gear altogether.

I was under the impression the sanctions against Iran would have stopped them from getting mining equipment in the first place. Buying second hand mining equipment from Iran might also be a risk, sanctions are serious business.

[Haunebu]

This particular ban has clearly impacted the market in a small way since Iran isn't a major player in the crypto world. Their reason for the ban makes sense. Saving our environment matters more than earning a few bucks.

Many big mining companies are trying to tackle this important issue by developing and improving environment-friendly machines.

[20kevin20]

Are Bitcoiners such a Cult that they refuse to see what the news is plainly putting in their face?

Let me explain it then.

Proof of Work energy waste is causing too many problems for the environment and people living on the same power grids.
As such , to protect their people and power grids , Bans on PoW mining are happening.

Nah man, it's just nonsense. Just think of how many bombs and new weapons are being tested every year by the world's armies. Is that good for the environment? Does banknotes production not pollute the air? Do banks not use energy at all? Because as far as I know, there are millions of banks all around the world...

Humans will always leave a footprint. Calling out Bitcoin for using energy to exist is plain bullshit and underlines the true intentions of a government.. instead of banning BTC, they should've joined it and tried to find a way to make it exist while finding a solution to make it more eco-friendly. As long as a proper solution is proposed, we'd go for it! Nobody wants to pollute. This argument is plain crap.

[stompix]

This makes sense But if the license was mandatory already, then basically nothing changed for the miners without license.

Well, since the news is not touching the important part of this ban I assume they have introduced tougher penalties for those caught doing this during those 4 months, that would be logical and that's what I would do if I was aiming at cutting mining down, again, assumption.

I was under the impression the sanctions against Iran would have stopped them from getting mining equipment in the first place. Buying second hand mining equipment from Iran might also be a risk, sanctions are serious business.

Mining gear comes from China, there is nothing sanctions can do against this, as long as there is somebody willing to sell to you and send it to Iran miners will get into the country, just how around 10 million smartphones were imported with Samsung dominating the market. And for getting it out of the country, I doubt too much of that gear will be sold to western countries, except Canada and the US the rest are not a really good place for miners so I think if indeed sold most of it will go to Russia and the ex soviets state with low prices per kWh, and those couldn't care less about sanctions.

[NotFuzzyWarm]

<snip>
Are Bitcoiners such a Cult that they refuse to see what the news is plainly putting in their face?

Let me explain it then.

Proof of Work energy waste is causing too many problems for the environment and people living on the same power grids.
As such , to protect their people and power grids , Bans on PoW mining are happening.

It is that simple, it is not fud but FACT.
Until Bitcoiners solve the PoW energy Waste issue, more Government Bans of Bitcoin PoW mining will happen.
<snip>

There is no "PoW energy waste issue". The energy is not 'wasted', it is being used for a purpose: Securing the blockchain. Why is that a less valid reason to use energy vs any other large industrial-scale usage of energy?

 Before going on about the power used for mining BTC you *might* want to check some facts about it...
A couple good links regarding power usage:
Mining power usage
Power usage comparisons
On that comparisons page they looks at the power used in the US alone to power always-on but idle devices: result is that power used for idle devices would power the entire BTC network for 1.9 years.

[Hobo66]

Iran is not permanently banning Bitcoin mining, there are few hours where they will stop it. Plus use your common sense , if they are not mining , the supply of BTC will decrease and hence increasing the demand.
Also, Sir we know that Iran is having power issues in case of Bitcoin mining & BTC mining is helping Iran avoid USA sanctions.

[Tahsin Kabir Kollol]

With the exception of a handful of countries and some institutions, most countries and institutions in the world have not yet accepted Bitcoin as an acceptable medium of exchange. Moreover, world politics has an effect on it. Whether or not China is convinced that Iran has banned bitcoin in their country is not entirely in its hands. Bitcoin has had its own features since its inception, and although its popularity has been curtailed by restrictions, its use has not been fully controlled. So let's see how the ban on bitcoin in different countries affects it and how it regulates the use of bitcoin. But I don't think it will have much effect on Bitcoin.

[snipie]

Misleading title of the topic. Kindly correct it.
I read it in several articles that due to electricity shortage and recurrent cut, they decided to stop mining activity temporarily for 4 months, until September. I can understand such decisions, they can't produce enough energy to cover the extra usage in hot summer. source

[DarkDays]

Iran bans Bitcoin a few days after China did. This is coming after what seemed like an aftereffect of the Chinese action that saw Bitcoin dip severely (it still hasn't recovered from it).

I'm wondering if there are going to be any side effects or consequences for the Bitcoin community with the action taken by the Iranian government or is it just another case of "the snail shouldn't talk where animals with horns are asked for opinions"? Iran isn't such a big name in the crypto space, by the way.

According to report, the ban is a temporary one which will last only four months to enable the country correct its power blackout.

Do you think this ban from Iran is another FUD?

As far as I can see, the Iranian government has nothing on crypto its ban mean absolutely nothing. And do you know why?

Well, let me ask you, how many casinos or IDOs have you come across where Iranian citizens are able to participate? That's right, NONE.

So this news is nothing but FUD.

[Lordhermes]

Iran placed a four months ban on Bitcoin and other cryptocurrency mining, and not a permanent ban. Their president, Hassan Rouhani said the country is facing major power outage in most of their cities. About 4.5 percent of all Bitcoin mining do take place in Iran, which affects their electricity. This action will really affect the cryptocurrency community.

[Fredomago]

Misleading title of the topic. Kindly correct it.
I read it in several articles that due to electricity shortage and recurrent cut, they decided to stop mining activity temporarily for 4 months, until September. I can understand such decisions, they can't produce enough energy to cover the extra usage in hot summer. source

This is the right decision, if they've seen that mining is one of those factors where shortage in their electricity is happening, the best thing to do is to cut it and assess if they'll needed to completely ban this activities to save up or find alternatives to assure that their people won't suffer more with this shortages.

The government needs to find ways as it is there obligations to their people, it isn't personal with the mining industry but more on the issues with country's power shortage.

[Woodie]

Iran bans Bitcoin a few days after China did. This is coming after what seemed like an aftereffect of the Chinese action that saw Bitcoin dip severely (it still hasn't recovered from it).

I'm wondering if there are going to be any side effects or consequences for the Bitcoin community with the action taken by the Iranian government or is it just another case of "the snail shouldn't talk where animals with horns are asked for opinions"? Iran isn't such a big name in the crypto space, by the way.

lets not rush to conclusions, lets wait for the dust to settle and get a clear picture

According to report, the ban is a temporary one which will last only four months to enable the country correct its power blackout.

Do you think this ban from Iran is another FUD?

This is something you dont see everyday and i find to be  interesting, so this ban is being enforced to prevent miners from using power from the main power grind

but if you say there is a blackout does that not mean these guys are using alternative sources of electricity to mine??

Anyway not sure about the FUD part but If this is temporary then no need to be alarmed its just one way of sharing the available resources and a preventive measure to avoid an over load .

[TangentC]

<snip>
Are Bitcoiners such a Cult that they refuse to see what the news is plainly putting in their face?

Let me explain it then.

Proof of Work energy waste is causing too many problems for the environment and people living on the same power grids.
As such , to protect their people and power grids , Bans on PoW mining are happening.

It is that simple, it is not fud but FACT.
Until Bitcoiners solve the PoW energy Waste issue, more Government Bans of Bitcoin PoW mining will happen.
<snip>

There is no "PoW energy waste issue". The energy is not 'wasted', it is being used for a purpose: Securing the blockchain. Why is that a less valid reason to use energy vs any other large industrial-scale usage of energy?

 Before going on about the power used for mining BTC you *might* want to check some facts about it...
A couple good links regarding power usage:
Mining power usage
Power usage comparisons
On that comparisons page they looks at the power used in the US alone to power always-on but idle devices: result is that power used for idle devices would power the entire BTC network for 1.9 years.

Elon Musk and the newly created North American Bitcoin Mining Union disagree with you.  

https://www.businesstoday.in/current/corporate/bitcoin-price-recovers-to-38403-after-elon-musk-meeting-with-miners/story/439914.html

If their was no bitcoin PoW energy waste issue, their would have been no meeting.

Elon Musk and MicroStrategy chief executive Michael Saylor, held a meeting with Bitcoin miners in North America to appreciate their efforts
towards making operations greener.

[tabas]

First time to hear that when they've implemented a ban, they've already said that it's temporary because of energy problems. In the community, it's not going to be a problem.
But in the market, there will be for sure backfire because of this news once it's published again by the media outlets.

[iamsheikhadil]

As you said, if the ban is temporary then sure, it's not a big deal since we a have to agree, electricity and environment>>>crypto. I don't think Iran will achieve anything good by banning crypto, but maybe they have reasons we don't know about, like lots of criminals using crypto for terror activities? Maybe, we don't know, hence can't comment. But if it's due to power restart, then why not, it's a good decision for the country

[Streets 2.0]

I think this is real populism, because under sanctions, Bitcoin allowed Iran to buy a lot of goods and services. I think this will continue, perhaps Iran wants to play along with China in its global strike on bitcoin, but I do not see any reasonable reasons for this. When something is prohibited somewhere, it instantly creates a black market and takes money away from government control, which at least somehow could manage the process through regulation.

[eaLiTy]

Iran bans Bitcoin a few days after China did. This is coming after what seemed like an aftereffect of the Chinese action that saw Bitcoin dip severely (it still hasn't recovered from it).

What i find amusing is that the countries that already banned BTCitcoin are banning them again and everyone is panicking that China and Iran and any other country that already banned a few years ago comes out with another statement:D.
China recently started taking action against miners but some are reporting as if China banned BTCitcoin trading recently.

I'm wondering if there are going to be any side effects or consequences for the Bitcoin community with the action taken by the Iranian government or is it just another case of "the snail shouldn't talk where animals with horns are asked for opinions"? Iran isn't such a big name in the crypto space, by the way.

I have seen some big players from Iran in the past but they were already facing issues trading in exchange for the past 4 years as many exchanges ban people from Iran trading in their exchanges and it was hard for them for several years and there are communities which engage in trading using escrows, so generally it wont have a huge impact on the market.