Iran bans bitcoin mining after mass blackouts

Iran has moved to ban bitcoin mining after a number of its cities including Tehran suffered rolling blackouts due to the increased strain placed on the country’s ageing electricity infrastructure from accelerating demand.

Speaking on state TV, Iranian president Hassan Rouhani said the ban would be in effect until 22 September, blaming the problem on unlicensed miners operating without an official permit.

“Now everybody has a few miners laying around and are producing bitcoins,” he said during the televised cabinet meeting, acting decisively with a month to go before the county goes to the polls in its latest presidential election to decide his future.