BITCOIN has plummeted after Iran announced a temporary ban on mining due to the strain it is causing on the nation’s electricity grid.
Around 4 per cent of mining now takes place in Iran after China’s new crackdown saw miners flock to nations where energy is cheaper.
Iranian officials have regularly blamed unlicensed cryptocurrency miners for using vast amounts of electricity – with Iranian president Rouhani banning all activity until September 22.
Meanwhile, the founder of dogecoin thanked Elon Musk for tweeting his stance around the popular meme-based currency.
Musk tweeted that “no one reports” to him due to the decentralised nature of the technology – after he briefly changed his bio to “CEO of Twitter”.
The Tesla founder said in a post yesterday: “Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited”, to which doge CEO Bill Markus replied “Tbhank you for saying this.”
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