Re: Massive blackouts have hit Iran. The government is blaming bitcoin mining.
Decentralized cryptocurrencies rely on high-powered computers to verify that transactions are legitimate by solving complicated mathematical problems. Mining units of digital coins is a potentially lucrative business that's taken off in recent years in Iran, as firms in countries like China and Russia have partnered with Iranian entrepreneurs to create so-called bitcoin farms of specialized computers.
"Any country that has cheap electricity and a vast area would be a perfect place for bitcoin mining," said Beikverdi, who is from Iran and now lives in Seoul, in an interview with The Post. "In Korea, it wouldn't be profitable because I would have to spend a lot of money on electricity."