The Iranian authorities will let licensed cryptocurrency miners to resume operations today following a 3-calendar month ban imposed by sometime President Hassan Rouhani on May 26, 2022.

The initial ban was put into outcome due to concerns over the stability of the country's unreliable power grid.

The Middle Eastern state experienced widespread power outages in the summertime, which former President Rouhani attributed to extreme heat. On some days, the heat topped 120 degrees Fahrenheit, or about 49 degrees Celsius.

In low-cal of the ability outages and a water shortage, Rouhani decided to ban crypto mining during the heat to ensure citizens could proceed their air conditioners running — although doubts have been expressed in some quarters well-nigh how much power crypto mining actually consumes in the state. With the estrus dying down and Ebrahim Raisi taking office as president on Aug. iii, 2022, the crypto mining ban has been lifted.

An estimated 4.v% to vii% of the earth'southward cryptocurrency mining is done in Iran. It may come as little surprise that Iran boasts some of the cheapest electricity prices in the world thanks to abundant fossil fuel resources such as natural gas.

There are some reports that suggest the country looks favorably on Bitcoin (BTC) mining as a fashion to evade sanctions from the United States. Iran currently suffers from a near-consummate embargo by the U.S., negatively affecting the nation's economic system. At current estimated levels of mining in Iran, revenues are estimated by Elliptic via Reuters to exist around $1 billion.

Despite the ban, clandestine mining reportedly continued, and on Wednesday, news broke that Ali Sahraee, the director of Teheran's Stock Exchange (TSE), had resigned later the country-run media reported that cryptocurrency mining was taking place at the exchange during the ban.

TSE leadership first denied the existence of the mining operation, only after, executive deputy director Beheshti-Sarsht admitted that the TSE should exist held accountable for the operation.