95% of Iran’s 427,000 active crypto mining devices operate illegally, official says

💡 DMK Insight

Iran’s crypto mining situation is a ticking time bomb for energy markets and traders should pay attention. With 95% of the country’s 427,000 mining rigs operating illegally, the implications for energy consumption are huge. This illegal activity not only strains the national grid but could also lead to regulatory crackdowns, impacting the crypto market’s stability. If the government decides to enforce stricter regulations, we could see a significant reduction in mining output, which might affect Bitcoin’s hash rate and, consequently, its price. Traders should keep an eye on energy prices in Iran and any announcements from the government regarding mining regulations. The ripple effects could extend to other markets, especially if miners in other regions start facing similar scrutiny. Watch for any price movements in Bitcoin and Ethereum as these developments unfold, particularly on the daily charts where volatility could spike in response to news. The real story here is the potential for a supply shock in the crypto market if Iran’s mining operations are curtailed. Keep your eyes peeled for updates on this front.