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CryptoNewsBreaks – Concern Over Mining Operations as Iranians Turn to Bitcoin Amidst Sanction Squeeze

Company: Bitcoin Mining
Category: News

A Fox News article this morning addressed the topic of Iranians, who are feeling the squeeze from U.S. sanctions targeting the Islamic Republic’s ailing economy, increasingly turning to such digital currencies as Bitcoin to make money. According to the article, this is prompting alarm in and out of the country. Some government officials in Iran worry that the energy-hungry Bitcoin “mining” process is abusing Iran’s system of subsidized electricity. In addition, some U.S. observers have warned that cryptocurrencies could be used to bypass the Trump administration’s sanctions targeting Iran over its unraveling nuclear deal with world powers. “It is clear that here has turned into a heaven for ‘miners,’” Mohammad Javad Azari Jahromi, Iran’s minister for information and communications technology, recently told AP in an interview. “The business of ‘mining’ is not forbidden in law but the government and the Central Bank have ordered the Customs Bureau to ban the import of (mining machines) until new regulations are introduced.”

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About Fox News

FOX News operates the FOX News Channel (“FNC”), FOX Business Network (“FBN”), FOX News Radio, FOX News Headlines 24/7, FOXNews.com and the soon to launch OTT platform, Fox Nation. FOX News also produces FOX News Sunday on FOX Broadcasting Company and FOX News Edge. A top five-cable network, FNC has been the most watched news channel in the country for more than 16 years. According to a 2018 Research Intelligencer study by Brand Keys, FOX News ranks as the second most trusted television brand in the country. Additionally, a Suffolk University/USA Today survey states Fox News is the most trusted source for television news or commentary in the country, while a 2017 Gallup/Knight Foundation survey found that among Americans who could name an objective news source, Fox News is the top-cited outlet. FNC is available in 90 million homes and dominates the cable news landscape while routinely notching the top ten programs in the genre. For more information, visit www.FoxNews.com.

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