Iran to cut electricity to licenced Miners - page 2.

NotATether

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Quote from: KennyR on June 20, 2022, 06:36:21 PM

Will this have any impact over the price drop of bitcoin.

No, but at least it will lower the global hashrate & difficulty, making BTC mining a little more profitable (people have been clamoring these days that the sub-25k prices have caused miners to run at a loss).

dansus021

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i also read the news from https://cointelegraph.com/news/iranian-government-to-cut-power-supply-for-the-country-s-legal-crypto-mining-rigs
i dont know but we can see cut electricy for miner in china and then kazakhstan and now iran but this time is different right they cut for legal because of this

"Due to international sanctions, Iran lacks the investment needed in power generation capacity and natural gas production to keep up with consumption. On the other side, demand is soaring partly because due to the country's extremely low electricity prices. Average household electricity in Iran costs as little as $0.005 per kilowatt-hour (kWh), a fraction of the $0.024 per kWh in its neighbor Iraq and $0.159 per kWh in the United States. For political reasons, the Iranian government spends over $60 billion annually in indirect subsidies to depreciate electricity prices"

Fundamentals Of

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I was confused with this news. It says the country will cut power to all licensed miners but then it also continues saying that this action is to be implemented to cut off power to illegal mining operations. I don't know if this article is only badly written or the official directive of the country is also confusing.

But then since it also mentions that this is in line with the increasing demand for electricity as summer comes in, then this is expected to be temporary. All operations will resume as soon as summer ends. I don't think this will have any impact on Bitcoin's price.

DaveF

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It's not that much different then when it happens in Texas when they run short on power:

https://www.prnewswire.com/news-releases/texas-bitcoin-miners-turn-off-to-conserve-power-for-the-grid-301547420.html
https://www.theblock.co/post/151084/bitcoin-miners-in-texas-have-been-powering-down-amid-heatwave-and-record-electricity-demand

It's pseudo voluntary in TX unlike Iran where they are made to do it.

For us, it looks like a big deal. But many heavy industries across many countries have always had to cut power use during high demand times.
We have seen manufacturing plants running overnight instead of during peak demand times during the day in certain locations for years. It's just different for miners since mining is 24/7

-Dave

jackg

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https://bit.ly/387FXHi lightning theory

A 5% cut doesn't sound like it'd be too noticeable so no I'd say it'd probably go unnoticed by the network and the people using bitcoin.

The news might be deemed negatively though but I think we've probably already lost most of the weak hands from the market anyway so something like this would probably go unnoticed. A large(ish) move in the price is probably due by now too so I doubt we'll be able to pick this out as a specific.

KennyR

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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

Topic: Iran to cut electricity to licenced Miners - page 2. (Read 308 times)