Iran is the latest country to crack down on Bitcoin mining, the energy-intensive way the Bitcoin network is kept up to date. The Iranian regime says miners are drawing so much power from the grid it’s contributing to power outages. But there are other challenges for its grid, too, like a drought.
China announced a crackdown last week, too. Experts say the regime doesn’t like the fact that Bitcoin can be used to move money out of the country.
China and Iran make up a big part of global mining. So what will it mean for the network? NTD asked Michael Vogel, a cryptocurrency entrepreneur who helped bring an exchange public in 2018. He’s now the CEO of Coinstream, which lets you buy Bitcoin with your credit cards. NTD got his thoughts on the crackdowns.
