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comes as the country continues to suffer from power outages.
According to the ILNA report, the power consumption capacity of the 42 operations was 1002 kW, equivalent to the average daily electricity consumption of 2,856 residential units. The power consumption capacity of the 5,478 mining operations closed down was said to be 614,717 kW.
Three months ago, the Iranian police force announced an operation that targeted 7,000 mining computers discovered in an abandoned factory in the west of Tehran.
In late May, Iran introduced a ban on the mining of cryptocurrencies such as Bitcoin. The crypto-mining is seen as intolerable by Iranians suffering power blackouts that have also been caused by surging electricity demand amid a very hot summer and a lack of hydroelectric output due to drought.
Bitcoin and other cryptocurrencies are created through a process known as mining, where powerful computers compete with each other to solve complex mathematical problems.
According to blockchain analytics firm Elliptic, around 4.5% of the world’s Bitcoin mining takes place in Iran. It produces hundreds of millions of dollars in revenue from cryptocurrencies that can be used to lessen the impact of US sanctions.
Cheap state-subsidised power has attracted miners, particularly from China, to Iran. Generating the electricity they use requires the equivalent of around 10mn barrels of crude oil a year, or 4% of total Iranian oil exports in 2020, according to Elliptic.
7.2 Forex platform
Iran Mercantile Exchange sets up another trading floor in cement
Iran Mercantile Exchange (IME) has set up another trading floor in cement, according to local media reports.
Following an announcement by the Ministry of Industry, Mining and Trade on banning the sale of cement outside the IME earlier this year, renewed interest in trading the commodity brought traders back to the central trading hub. Iranian cement manufacturers have now relisted their products on the exchange as part of the restructuring of sales.
Since June 30, when cement trades started on the mercantile exchange, 10.74mn tonnes of cement have been offered, against demand for 12.20mn tonnes. Total trading volume reached 8.79mn tonnes, IME data showed. Demand for domestic cement remains strong with the country aiming to build 4mn new houses and apartments over the four-year course of the Raisi administration, which took office in August. The commitment to the housing plan bumped up the cement price.
Iran has a growing regional export market for its cement, with sales expanding in neighbouring countries including Iraq, Armenia and Afghanistan, where the price of Iranian cement is often cheaper than what is offered by domestic producers.
35 IRAN Country Report October 2021 www.intellinews.com