Occasionally, we have all been guilty of overusing electricity, like leaving your home and forgetting to switch off the kitchen lights. But Iranian crypto miners are taking the overuse of electricity to the next level.
As such, the Iranian government will now start issuing heavy fines for cryptocurrency miners using household electricity. Additionally, miners will be required to pay compensatory fees for the damage caused to the network. According to authorities, unauthorized crypto mining can cause electrical supply issues on account of the damage it can cause to the local power grid and transformers.
Reports claim that this overuse can cause blackouts and other outages.
Following Elon Musk’s recent comments on Bitcoin-- more on that later --Mark Cuban of shark tank fame came to the rescue. According to Cuban, accepting cryptocurrencies will help the environment, rather than not.
Additionally, the shark reassured fans that the Dallas Mavericks will continue to accept cryptocurrency.
In his Twitter thread, Cuban cited a few articles on the subject.
Finally, the Mavericks tycoon stated, 'Shrinking big bank and coin usage will benefit society and the environment.'
Twitter CEO Jack Dorsey also gave his take on the recent debate over Bitcoin sustainability.
'#bitcoin changes * everything *... for the better. And we will forever work to make bitcoin better'. Although there is no exact link between Dorsey’s tweet and Elon’s statements, many speculate that the tweets work as a way to show us Dorsey’s and Square Inc’s position on Bitcoin.
Dorsey believes that no single person can change or stop Bitcoin. But he is, however, trying to influence Bitcoin into reducing its carbon footprint.
Fun fact. Twitter converted its first tweet into an NFT.