US economic sanctions

Sanctions-hit Iran becoming ‘heaven’ for bitcoin mining, says govt official

An increasing number of Iranians have started turning to cryptocurrencies, in particular bitcoin, with the devaluation of the national currency prompted by US economic sanctions. The crypto craze has raised concerns from authorities that the energy-hungry process of “mining” bitcoin is abusing Iran’s system of subsidized electricity. Currently at half-a-cent per kilowatt, the subsidized electricity […]

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