Tuesday, January 18

With Iran shutting down mining again, Bitcoin price drops

Bitcoin price had recovered above US$ 50 thousand in recent days, but fell again this Tuesday (28), with mining banned by Iran one of the possible reasons.

The market fears that the banning of countries from mining activity will happen again, as seen by the market during 2021.

One of the governments that marked this movement is China, which banned Bitcoin mining and the network registered one of its biggest drops in hashrate. This measure indicates the strength of the network’s security, that is, the bigger the better.

In recent months, the rate has fully recovered from the Chinese ban, but the market is following the matter with caution.

Bitcoin hash rate plummeted out of China, but rebounded strongly /Playback

With Iran shutting down Bitcoin mining again, market price drops

The market feels the effects of yet another country closing the doors of mining. That’s because the Ministry of Energy of Iran has restricted Bitcoin mining since last Sunday (26).

Iran has allowed Bitcoin mining facilities to set up in the country in recent years. As it is a country with major embargoes suffered by the United States, the arrival of Bitcoin makes that economy return to trading in the international market without suffering embargoes on its transactions.

However, mining is a sector that is closely monitored by the Ministry of Energy in that country, as this sector is blamed for the country’s energy shortage. During winter, for example, it is estimated that the energy produced by the country is more affected and causes shortages.

In addition to cryptocurrency companies, offices will also have greater government oversight, as will public lighting. That is, despite the measure affecting the Bitcoin produced in that country, other companies will also be affected by the measures announced by the government of Iran, according to the local portal Irna.

Fall in BTC price at the end of the year?

Iran had already banned Bitcoin mining in 2021, but ended up backing down when the stipulated period for energy recovery in the country ended.

With the new ban, many worry that mining is under pressure again, which is not yet the case as the hash rate graph has shown a strong recovery and there are other countries harboring these companies today.

Either way, Bitcoin drops 4% in the last 24 hours, with its price quoted at US$49,250. In the Real pair, each Bitcoin costs R$ 280 thousand per unit on the crypto market.

It is not clear that the fall will mark the end of the year, but the market is following the movement attentively.


Leave a Reply

Your email address will not be published. Required fields are marked *