The Iranian has reportedly granted the greenlight to licensed crypto miners to get back to their operations starting October 1st, lifting a ban lasting for three months by former President Hassan Rouhani. 

Specifically, The initial ban was officially carried out because of worries associated with  the stability of the nation’s unreliable power grid.

The nation in the Middle East area reportedly underwent power outages on a large scale in the summer, which former President Rouhani believed was caused by extreme heat. 

On some days, the heat reportedly reached the 120 degrees Fahrenheit benchmark – equivalent to 49 degrees Celsius.

“Middle East and Central Asia are under the harshest heat wave in history for this time of the year. In #Iran 51.0C at Omidieh,50.1C at Abadan,45.5C at Bam (920m asl). In Turkmenistan 46.7C Uchadzhi,in Uzbekistan 44.7C at Termez,in Tajikistan 43.7C at Isambaj (563m). pic.twitter.com/AQ5bpt93vM”

Approximately 4.5% to 7% of the global crypto mining is reportedly carried out in Iran, with the nation taking pride in its electricity cost – one of the lowest across the globe – thanks to the massive amount of fossil fuel resources like natural gas.

Several reports reportedly recommended the nation to have a favorable stance towards Bitcoin (BTC) mining, as an alternative to avoid sanctions from the United States. 

Iran is reportedly experiencing a near-complete embargo by America, causing a heavy impact on the nation’s economy. At current estimated levels of mining in Iran, revenues are estimated by Elliptic via Reuters to be around $1 billion.