Bitcoin mining is one of the suspected causes of the power outages disrupting life in Iran
Bitcoin mining is one of the suspected causes of the power outages disrupting life in Iran
Iran’s capital and outlying provinces have faced rolling power blackouts for weeks in October and November, with electricity cuts disrupting people’s lives and businesses.
Summary
Iran is experiencing widespread power outages, with cryptocurrency mining suspected as a contributing factor.
Bitcoin mining, which requires massive electricity, has surged in Iran due to subsidized energy and rising bitcoin prices, recently hitting $100,000.
Officials blame unauthorized miners using free or subsidized electricity, while public frustration grows over blackouts.
Iran’s energy crisis is compounded by sanctions, aging infrastructure, low fuel reserves, and climate change.
Authorities struggle to balance energy needs amid allegations of mining by paramilitary groups and fears of economic dependence on volatile cryptocurrencies.
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Well at least Bitcoin is very decentralized and not subject to powerful wealthy groups that control...oh whoops.
Well at least it is anonymous and protects its users from spying and cyber crime...oh whoops.
Well at least almost all the power used to mine it is renewable so the environmental impact isn't...oh whoops.
Well at least there are a ton of businesses and organizations that accept and use Bitcoin...oh whoops.
Well at least the crypto community is famously rational, friendly, and very generous...oh whoops.
Every time I raise the issue with Proof-of-Work coins being damaging to the environment I get a flood of hate. Proof-of-Stake coins might have other problems, but at least they consume 100s of times less power. I'm sure we could even come up with something better if the crypto bros stopped circlejerking.
Crypto bros depend on more people speculating with their currency of choice to increase the market value. If they're pissed, that's a good sign.
I don't have fomo about crypto or speculative stock trading. I'm sure it'll cause me problems in the end, but I've opted not to procreate, so the end doesn't have to be prolonged.
What a mess. Hopefully, the entitled generationally wealthy folk are the last ones left standing without anyone else to blame. At which point they can engage in fisticuffs like the barbarians once did.