Crypto Mining Ban Tightens in Iran as BTC Price Suffers

Crypto Mining Ban Tightens in Iran
  • Iran continues the cracking down of crypto mining facilities
  • The Iranian authorities have seized a total of 7000 mining computers

The hunt for crypto mining farms continues. Aside from China, other countries like Iran are also cracking down crypto mining facilities. As a result, the Iranian police have seized 7000 mining computers in the west capital of the country. This movement has been made to prevent the power shortage in Iran in the peak summer months. Furthermore, the ban will last until September 22.

However, this movement by the authorities gathered mixed opinions in the country. There are people who agree while there are people who don’t, especially the owners of the crypto mining farms. Truly, this continued beating that Bitcoin takes every day contributes to the price plunge of BTC recently.

On the other hand, as Bitcoins face never-ending criticism globally, altcoin’s price remains bearish. For instance, the Ethereum crypto drops its price below $2k from the bullish price of over $4k.

In addition, digital assets such as XRP, DOGE and ADA recorded a declining rate of over -20% in the past 7 days. These crypto’s are just some of the top altcoins that plummeted along with Bitcoin.

In other news, miners in China are now thinking of ways on how they can continue to mine despite the massive mining ban. According to crypto analyst Lark Davis, some have already sold their bitcoins to exit the market and regain their investments. Also, others are selling their bitcoins to fund their next move.

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