The logo of Bitcoin digital currency is pictured on the front door of an ATM in Marseille, southern France. AFP
The logo of Bitcoin digital currency is pictured on the front door of an ATM in Marseille, southern France. AFP
The logo of Bitcoin digital currency is pictured on the front door of an ATM in Marseille, southern France. AFP
The logo of Bitcoin digital currency is pictured on the front door of an ATM in Marseille, southern France. AFP

Bitcoin, power cuts and smog worsen Iran’s pandemic woes


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Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships.

Tehran's Hamshahri newspaper, the country's most-read daily, ran the headline, "20 Days Living in Smoke," on Wednesday over a photo of the capital covered in smog.

Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are using fuel oil to generate electricity.

Other plants have shut down, resulting in power cuts in various cities, including the capital, Tehran. Officials there said last Wednesday that pollution levels had become “dangerous”, ISNA reported.

Gas has become scarce because it’s used to heat most Iranian homes, and temperatures have been especially cold this winter. Household use has also increased as people stay at home to avoid coronavirus infection, while travel in private vehicles has shot up as people shun mass transport.

Household gas consumption was up by 30 per cent in late November from a month earlier, Mohammadreza Joulaei, director of supply at the National Iranian Gas Company told state TV.

The power cuts have been compounded by the mining of Bitcoin and other cryptocurrencies, which uses banks of high-powered computers to verify the legitimacy of transactions and create units of digital coin, government officials have said.

US sanctions that have isolated Iran from global financial institutions have fuelled a surge in cryptocurrency mining in the Islamic Republic, which has some of the cheapest electricity in the world.

The strains on the electricity grid led the government to start cracking down on illegal mining operations, and about 6,000 mining machines were recently confiscated in Markazi province, the managing director of the Markazi Electricity Supply Co., told ISNA.

A spokesman for the country’s electricity industry apologised for the shutdowns on state TV and said power supplies to Bitcoin miners and industry have been strictly limited to meet domestic needs.

The heavy pollution and power shortages are coming at a time when the country is battling Covid-19.

Health officials in the capital have warned that high levels of pollution will exacerbate the effects of the pandemic, which has already caused more deaths in Iran than any other country in the Middle East.

The head of Tehran’s coronavirus task-force urged authorities to enforce a full shutdown of the city for several days to ease high levels of congestion, which he said is directly linked to increased hospitalisation of virus patients, the semi-official Tasnim news agency reported.

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

The biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

 

 

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars