Bitcoin vaults to 18-month highs on growing popularity
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mario299
Surin Founding Father
Bitcoin Mining Puts Pressure on Iran's Power Grids
(Bloomberg) -- The electricity-intensive process used to create units of the digital currency Bitcoin has led to a surge in Iranian energy consumption, putting unprecedented pressure on power grids and forcing officials to cut off supplies to so-called mining farms, according to state media.
Iranian miners are taking advantage of the nation’s subsidized power rates and are even mining from mosques, which are entitled to free electricity, Homayoun Haeri, deputy minister for electricity and energy at Iran’s Ministry of Power, told the semi-official Iranian Students’ News Agency.
Electricity consumption in the country jumped by 7% in the month ending June 21, Mostafa Rajabi Mashhad, spokesman for the Tadvin Electricity Company, told state TV in an interview earlier this week. He blamed cryptominers for the surge.
“The production of each Bitcoin uses the equivalent of the annual consumption of 24 properties in Tehran, or one property’s consumption of electricity for 24 years,” he said.
Every kilowatt of electricity is subsidized by 5,000 rials, worth about four U.S. cents at unregulated market exchange rates in Iran. This means the production of a single unit of Bitcoin takes about 350 million rials in state subsidies, or about $2,700, according to Mehr, a semi-official news agency.
Bitcoin traded at $11,770 as of 6:45 in Tehran on Friday, up 38% this month and more than 200% this year.
Iran’s Power Ministry is considering enforcing a special tariff on miners in order to mitigate the cost and reduce the burden on power stations, according to Haeri, the deputy minister. Several mining farms across the country have had their electricity supply cut off and mining machines seized by authorities, according to the Islamic Republic News Agency.
Iranians have turned to cryptocurrencies as they seek ways to avert U.S. government sanctions that limit their ability to access hard currency. Iran’s central bank banned the use of cyber currencies in financial transactions last year, citing concerns about money laundering and crime.
(Bloomberg) -- The electricity-intensive process used to create units of the digital currency Bitcoin has led to a surge in Iranian energy consumption, putting unprecedented pressure on power grids and forcing officials to cut off supplies to so-called mining farms, according to state media.
Iranian miners are taking advantage of the nation’s subsidized power rates and are even mining from mosques, which are entitled to free electricity, Homayoun Haeri, deputy minister for electricity and energy at Iran’s Ministry of Power, told the semi-official Iranian Students’ News Agency.
Electricity consumption in the country jumped by 7% in the month ending June 21, Mostafa Rajabi Mashhad, spokesman for the Tadvin Electricity Company, told state TV in an interview earlier this week. He blamed cryptominers for the surge.
“The production of each Bitcoin uses the equivalent of the annual consumption of 24 properties in Tehran, or one property’s consumption of electricity for 24 years,” he said.
Every kilowatt of electricity is subsidized by 5,000 rials, worth about four U.S. cents at unregulated market exchange rates in Iran. This means the production of a single unit of Bitcoin takes about 350 million rials in state subsidies, or about $2,700, according to Mehr, a semi-official news agency.
Bitcoin traded at $11,770 as of 6:45 in Tehran on Friday, up 38% this month and more than 200% this year.
Iran’s Power Ministry is considering enforcing a special tariff on miners in order to mitigate the cost and reduce the burden on power stations, according to Haeri, the deputy minister. Several mining farms across the country have had their electricity supply cut off and mining machines seized by authorities, according to the Islamic Republic News Agency.
Iranians have turned to cryptocurrencies as they seek ways to avert U.S. government sanctions that limit their ability to access hard currency. Iran’s central bank banned the use of cyber currencies in financial transactions last year, citing concerns about money laundering and crime.
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adam
Surin relic
I dont know @Coffee Maybe because it has outperformed the market it has further to fall. Remember it trades 24/7 and has no time outs. I suspect a lot of institutional money came out as all are cashing out everywhere.
In the last 12 months the Dow is down 10% from March 2019 (more losses coming today), while Bitcoin is still up 15% over this time last year.
Everything will be down today even gold, there is no safe haven when people have gone crazy like this.
I will be buying more stocks and bitcoin in the coming weeks. When this is over, hopefully I'll do ok. If I survive that is
In the last 12 months the Dow is down 10% from March 2019 (more losses coming today), while Bitcoin is still up 15% over this time last year.
Everything will be down today even gold, there is no safe haven when people have gone crazy like this.
I will be buying more stocks and bitcoin in the coming weeks. When this is over, hopefully I'll do ok. If I survive that is
Coffee
You chose a custom title
Okay but is that correct @adam ; 
$4400 up to $6200 is not 78%.
No discussion except the only things that matter is the price /(cost) when an investor has:
(1) bought in or purchased an investment vehicle
(2) the element of time , depreciation , appreciation or distributions, the effect of inflation or deflation on that investment vehicle
(3) the actual gain or loss once that investment is sold (less commissions or fees).
Everything between is bullshyte.
$4400 up to $6200 is not 78%.No discussion except the only things that matter is the price /(cost) when an investor has:
(1) bought in or purchased an investment vehicle
(2) the element of time , depreciation , appreciation or distributions, the effect of inflation or deflation on that investment vehicle
(3) the actual gain or loss once that investment is sold (less commissions or fees).
Everything between is bullshyte.
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adam
Surin relic
The recent bottom on Binance, the site I always use was $3718.Okay but is that correct @adam ;
No discussion except the only things that matter is the price /(cost) when an investor has:
(1) bought in or purchased an investment vehicle
(2) the element of time , depreciation , appreciation or distributions, the effect of inflation or deflation on that investment vehicle
(3) the actual gain or loss once that investment is sold (less commissions or fees).
Everything between is bullshyte.
I only mention it as you are quick to point out the negative, but never the positive.
Coffee
You chose a custom title
No problem except your mathematical computation.
If you utilize your $3718 bottom then the 78% upside price is $6600... so really ?
Reality , your industry is basically shutdown as are many industries.
To accentuate the seriously upside good news - no coronavirus cases among passengers for at least three weeks. Yaaay!
If you utilize your $3718 bottom then the 78% upside price is $6600... so really ?
Reality , your industry is basically shutdown as are many industries.
To accentuate the seriously upside
good news - no coronavirus cases among passengers for at least three weeks. Yaaay!
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