logo
Iran Blackouts and Bitcoins
The reactor building of Iran's nuclear power plant and electricity poles are seen, at Bushehr, Iran, 750 miles (1,245 kilometers) south of the capital Tehran, Iran, Feb. 27, 2005. (AP Photo/Vahid Salemi, File)

Rolling blackouts plague Iran and some suspect bitcoin mining may have a role in the outages

Iran’s capital and outlying provinces have faced rolling power blackouts for weeks in October and November, with electricity cuts disrupting people’s lives and businesses

By NASSER KARIMI and JON GAMBRELL
Published - Dec 13, 2024, 12:09 AM ET
Last Updated - Dec 16, 2024, 04:57 PM EST

TEHRAN, Iran (AP) — Iran’s capital and outlying provinces have faced rolling power blackouts for weeks in October and November, with electricity cuts disrupting people’s lives and businesses. And while several factors are likely involved, some suspect cryptocurrency mining has played a role in the outages.

Iran economy has been hobbled for years by international sanctions over its advancing nuclear program. The country's fuel reserves have plummeted, with the government selling off more to cover budget shortfalls as wars rage in the Middle East and Tehran grapples with mismanagement.

The demand on the grid has not let up, however — even as Iranians stopped using air conditioners as the weather cooled in the fall and before winter months set in, when people fire up their gas heaters.

Meanwhile, bitcoin's value has rocketed to all-time highs after the U.S. election was clinched by Donald Trump. It hit the $100,000 mark for the first time last week, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.

Our Offices
  • 10kInfo, Inc.
    13555 SE 36th St
    Bellevue, WA 98006
  • 10kInfo Data Solutions, Pvt Ltd.
    Claywork Create
    11 km, Arakere Bannerghatta Rd, Omkar Nagar, Arekere,
    Bengaluru, Karnataka 560076
4.2 12182024