Bitcoins

Bitcoin mining taking toll on Iran power network

Financial Tribune – The production of a single unit of bitcoin withdraws about 200 million rials ($1,400) in state subsidies, the Energy Ministry’s spokesman for the power department said.

“Cryptocurrency miners have put enormous pressure on the national power grid and the upward consumption trend has increased concerns among energy officials,” Mostafa Rajabi Mashhadi was also quoted as saying by ILNA Sunday.

According to Rajabi, domestic bitcoin miners use at least 500 megawatts of power per year, which equals the power generated in a major combined–cycle power station.