Iranian cryptocurrency miners are using subsidized energy, putting pressure on the national grid

According to Bloomberg News on June 30, Iran’s cryptocurrency miners are using Iran’s subsidized energy to put pressure on their grid. According to official Iranian media reports, a spokesman for the Tadvin Electricity Company accused cryptocurrent miners of increasing energy consumption in the country by 7%. “Each bitcoin yield is equivalent to the annual consumption of 24 properties in Tehran, or the electricity consumption of a property in 24 years,” said Mostafa Rajabi Mashhad. It is reported that the use of cryptocurrency has increased in the country as a way to circumvent the US government's sanctions against Iran.