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Bitcoins in Iran
By Micah Halpern

Monday June 21, 2021
I've Been Thinking:

You get bitcoins through mining. In order to mine, you use computers very powerful computers. These computers answer questions, solve problems and get new coins.

Turns out, Iran is a very big Bitcoin miner. And because the computers mining the bitcoins are so extremely powerful and drain huge amounts of electricity, Iran has shut down several cryptocurrency mining operations.

In fact, Iranian authorities seized 7,000 powerful computers that were being used to mine bitcoins and other cryptocurrencies.

Analytics about these currencies show that 4.5% of all bitcoin mining takes place in Iran. If this is true, it translates into $100s of millions of unrestricted dollars.

Iranian leadership seized the 7,000 computers because they feared that the mining computers would cause power shortages throughout the country.

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25 June 2021 01:18 AM in Thoughts

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