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World Iran blames 1600 Bitcoin processing centres for massive blackouts in Tehran and other cities

14:15  23 january  2021
14:15  23 january  2021 Source:   businessinsider.com.au

Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher

Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher The Bitcoin price hovered around $US35,000 and technical analysts said this point was a pivotal one on the daily charts. A break above this level could push Bitcoin back towards all-time highs around $US41,000, while a marked drop below could trigger a fall towards key support at $US30,000, they said. Although the longer-term outlook for both cryptocurrencies remains skewed to the topside, further losses look likely in the coming days," DailyFX strategist Daniel Moss said in a note. Sign up here for our daily newsletter, 10 Things Before the Opening Bell .

Iran has launched a wide-ranging crackdown on Bitcoin processing centres after its capital and major cities Iran 's capital and major cities were plunged into darkness in recent weeks as rolling outages left With toxic smog blanketing the skies in Tehran and the country buckling under the strain of the

Massive blackouts and smog have hit cities across Iran . It’s a toxic mix as the country, already under economic Blackouts are not new in Iran , where an aging and subsidized electricity sector is plagued by The company reportedly was licensed to operate under a process the government had put in

a street filled with traffic at night: Cars drive on an unlit street during a blackout in Tehran, Iran on January 20, 2021. Cars drive on an unlit street during a blackout in Tehran, Iran on January 20, 2021.
  • The Iranian government has blamed the mining of Bitcoin and other cryptocurrencies for the blackouts.
  • Cryptocurrency has become a way to bypass US sanctions in Iran, The Times reported.
  • Both legal and illegal cryptocurrency farms are being blamed for overloading the country's electricity grid.
  • Visit Business Insider's homepage for more stories.

The Iranian government has blamed Bitcoin and other forms of cryptocurrency for power outages across the country that have left millions in darkness.

Much of the capital, Tehran, and other large cities, including Mashhad, Tabriz, and Urmia, have experienced repeated blackouts.

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$500,000 in Bitcoin May Have Financed Groups Who Planned Capitol Assault Transfer of 28.15 Bitcoins on Dec. 8 to 22 alt-right recipients may have been used to help organize the Jan.6 assault on the the U.S. Capitol, investigators believe. © Scott Olson/Getty The Daily Stormer is a neo-Nazi website that was founded by Andrew Anglin, who also serves as its editor-in-chief. The Bitcoins were valued at more than $500,000 at the time of the transfer.Chainanalysis reviewed the donations after Yahoo News alerted the organization to the transactions on a French crypto-currency exchange.Groups allegedly involved in the transactions include VDARE, a U.S.

Pakistan, Iran . Where next. This blackout has been blamed on Cryptocurrency Mining. To complete the login process , please enter the one time code that was sent to your email address.

Social media in Iran has been gripped by speculation that Bitcoin is to blame for a series of recent power Cars drive on an unlit street during a blackout in Tehran , Iran , Wednesday, Jan 20, 2021. The government launched a major crackdown on Bitcoin processing centers which use immense With toxic smog blanketing Tehran skies and the country buckling under the pandemic and other

Residents took to Twitter to show the effects with users posting videos of traffic driving along unlit roads.

Another tweeted a video of what seems to be a dark shopping mall.

Iran has one of the top ten highest cryptocurrency capacities in the world at 450MW per day, according to the Associated Press.

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Since former president Donald Trump re-imposed US sanctions on Iran, cryptocurrency became a way to bypass, causing Bitcoin's popularity to soar,The Times reported.

This has led to thousands of illegal cryptocurrency farms springing up, some based in schools and mosques, Radio Liberty noted.

It is also the result of Iran's cheap electricity, which costs 4 cents kWh compared to an average of 13 cents in the US, Al-Jazeera added.

Now, the government blames cryptocurrency, particularly Bitcoin, for straining the electricity grid and causing blackouts across the country. Others say "decades of mismanagement" of the energy supply is to blame.

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TEHRAN , Iran — Iran 's capital and major cities plunged into darkness in recent weeks as rolling outages left With toxic smog blanketing Tehran skies and the country buckling under the pandemic and other “ Bitcoin shines here." Iran ’s generously subsidized electricity has put the country on the

Read more about Iran , pressured by power blackouts and pollution Iran 's capital and major cities plunged into darkness in recent weeks as rolling outages left millions without electricity for hours. With toxic smog blanketing Tehran skies and the country buckling under the pandemic and other It authorised 24 Bitcoin processing centres that consume an estimated 300 megawatts of energy a

Authorities have closed down 1,600 centres, including those legally allowed to operate for the first time, the Associated Press added.

According to local media, state-owned electricity firm Tavanir shut down a large Iranian-Chinese Bitcoin farm amid the power outages.

The Washington Post reported that the cryptocurrency centre in the southeastern province of Kernan was shut down because of its heavy energy consumption despite being fully licensed to operate.

Mohammad Hassan Motavalizadeh, the head of Tavanir, said that 45,000 illegal Bitcoin machines cheaply consuming 95MWh of electricity had been confiscated by the police, it also added.

Bitcoin was valued at just under $US42,000 in early January but has since fallen back to around $US31,000, according to Al-Jazeera.

Bitcoin could be like the FAANG stocks for the next decade – but it will take more than the buy-in of the retail army to get it there, an investment chief says .
Bitcoin could become the next "great tech stock" of the coming decade, an investment chief said. But only retail traders buying into the coin won't be enough, according to Skybridge's Brett Messing.The investment chief explained that just like three of those tech stocks were some forms of networks, bitcoin too is a monetary network.

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