While China continues to crack down on Bitcoin mining, there is good news for Bitcoin miners in Iran. To a complete surprise, the authorities have granted permission for mining centers in the country.
Just a few days ago, the Iranian government had seized about 7000 mining computers in Tehran. Like China, Iran had recently banned Bitcoin mining due to its high power consumption. Now, authorities have issued permits for 30 mining centers in the country.
The Bitcoin mining ban in Iran resulted due to power outages across the country. The power outages were eventually attributed to the energy-intensive mining centers. This makes the permits granted for mining all the more surprising.
Unlike China, Iran does not want to take the path against cryptocurrencies in this case. In China, the authorities had recently forced all mining centers to close. Since then, the hashrate has dropped significantly. However, other countries with Bitcoin mining centers benefit enormously from the closures.
In the future, we can expect to see significantly more Bitcoin mining centers in Latin America. To what extent the permits issued in Iran will prompt Bitcoin miners to operate more mining centers in Iran, if any, remains to be seen. Miami Mayor Francis Suarez is also looking to attract Bitcoin miners to the city.
In the meantime, the Bitcoin price has recovered from the sharp fall to around USD 30,000. As a result, the largest cryptocurrency was trading at around USD 34,500 in the night from Sunday to Monday, with a 24-hour increase of six percent. For a month, the Bitcoin price has been moving between 27,000 and 42,000 USD, mostly settling here in the range of 35,000 USD. The Bitcoin mining ban in China had greatly strengthened the downward trend.
Most recently, analysts predicted a further decline in the price up to 10,000 USD. Nevertheless, many experts expect a renewed Bitcoin rally after the setback — driven, among other things, by mass adoption in Latin America and the Taproot roll-out in November 2021.
Bitcoin’s market dominance is also higher than in recent weeks at 47.1 percent. Most altcoins moved along in the last 24 hours, but in aggregate, did not post gains as large as bitcoin. The market capitalization of all cryptocurrencies is currently around USD 1.375 trillion.
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