Bitcoin under attack and in Iran

China seems to be seriously tightening the noose around Bitcoin and crypto mining because it has imposed rules that will deter Chinese enthusiasts from mining. Recent reports released by BitDeer, a mining company, adding that it will block all IP addresses associated with mainland China to comply with regulatory requirements. Other mining companies taking similar actions include Huobi, BiBit, and BitFuFu. According to blockchain analyst company Elliptic, about 4.5% of total bitcoin mining takes place in Iran, which allows it to earn hundreds of millions of dollars from cryptocurrencies that can be used to reduce the impact of US sanctions.

As another trendy hub for cryptocurrency mining, Iran has introduced a ban that has worsened the overall cryptocurrency situation. The ban introduced by Iran, which is in force today, will last until September 22, according to the comments of President Hassan Rouhani. The recent position of China and Iran on the suppression of bitcoin exploitation seems to have had a big toll on the price of BTC, which led to a drop in recent weeks. The price of bitcoin has recovered by about 30% since the fall on May 19. This small increase resulted in a resistance level test to $ 41,000, which led investors to start posting profits.
Nick Carter of Castle Island Ventures doesn’t think Elon Musk is the right person to lead the debate on “pure bitcoin.”
He told Bloomberg that: “Bitcoiners are still very skeptical of Musk and consider him conflicting given that his business partly involves the sale of compensation.”
However, asking for bitcoin miners to be more transparent regarding their energy is a good proposal no matter when it comes from, Carter stressed, alluding to the recently formed Bitcoin Mining Council. Instead of banning Bitcoin because of its energy consumption, Carter suggests that policymakers create greener networks for Bitcoin mining. North American bitcoin miners use cleaner energy than many other industrial electricity consumers. Carter believes that they will therefore be justified by the idea that miners should be more transparent regarding the type of energy they use.
The Bitcoin Mining Council was formed after a meeting between Elon Musk and leading Bitcoin miners in North America was mediated by MicroStrategy Director Michael Sailor. The primary goal of the Council is to promote transparent energy use and to accelerate initiatives, and support miners to move to cleaner energy around the world.