Monday, January 18, 2021

Iran blames bitcoin miners for blackouts

Iran has launched a crackdown on cryptocurrency miners who it claims are responsible for power blackouts that are blighting the country.


Parts of Tehran, the capital, and the cities of Mashhad and Tabriz have been repeatedly plunged into darkness in recent weeks, causing production lines in industrial areas to grind to a halt.


Tavanir, the state electricity company, has temporarily closed all known cryptocurrency mines, including a huge Chinese-Iranian operation in the city of Rafsanjan that is reported to have been using 175 megawatt hours of electricity, enough to power an average western home for 17 years.


The Times


Iran blames bitcoin miners for blackouts

5 comments:

Andrew Anderson said...

Just one of many reasons that fiat should be as inexpensive as practical - to reduce environmental impact.

Nor should we have a government-privileged usury cartel to drive companies, local governments and individuals into debt which REQUIRES growth just to pay the interest.

sths said...

so they first subsidize bitcoin miners to make 'money' and then blames bitcoin miners for blackouts...
I really think Matt Franko is onto something with the whole they're not evil they're just incompetent thing.

Matt Franko said...

The hell I ain’t....

Ahmed Fares said...

re: when "rat poison squared" becomes "rat poison cubed"(TM)*

When to trade bitcoin? When Saturn crosses Mercury, of course

Bitcoin seems so flighty, some might argue you may as well consult a crystal ball, read the runes or stare at the stars to divine the direction of the capricious cryptocurrency.

Enter Maren Altman, bitcoin investor and astrologer.

The New Yorker has been following the movements of celestial objects to predict bitcoin price fluctuations since last summer. And while many people might mock her methods, she has built up a 1 million-strong social-media following on TikTok.

Last week, the 22-year-old told her followers to watch for a price correction on Jan. 11.

Why? Saturn was going to cross Mercury.

Lo and behold, bitcoin fell as much as 21% on that day, before recovering most of its losses, slamming the brakes on a meteoric rally that saw it double from early December to a record $42,000 last week.

“I am never going to tell someone to buy this or that,” said Altman. “I can predict price trajectories but do not claim to be a financial adviser aware of someone’s specific circumstances, and therefore never give buy or sell advice.”

For the uninitiated, Mercury represents bitcoin’s price data and Saturn is a restricting indicator.


Wow. It's all so clear to me now.

Watch her here. She just goes on and on...

bitcoin 2021: astrology predictions & price forecast

* a Google search shows that the phrase "rat poison cubed", which I honestly thought up on my own just now as I was writing this, has been used before, so I won't be able to trademark it. Oh well.

Matt Franko said...

MAGA libertarians have really been getting bullish on Bitcoin as Trump hasn’t been able to flip it in courts.... TDS people have been piling in bullish on equities since mid November having been bearish for 4 years...

So it’s MAGA bullish Bitcoin and TDS bullish equities for right now... I don’t see anything about this sentiment changing ...

We’re going to need a major policy error to cause any significant sell offs...