Iran civil unrest: Bitcoin miners forced to stop operations due to internet blackout

Civil unrest erupted in Iran when people started protesting against the government’s decision to ration gas. The government wants to ration the fuel hence increase its price by at least 50 percent.

Iran civil unrest

The nation was forced to make the decision after the US placed sanctions on the flow of petrodollars. This forced the oil-rich country to reduce its subsidies. Residents received news that each motorist will be restricted to only 60 liters of fuel per month. If any person wants to get extra fuel he must pay double the amount.

The protests were anything but peaceful. Many protestors blocked highways in Tehran by parking their cars, others burned down government buildings, banks and gas stations. The nation’s economy seems to be taking a hit. Some residents have already invested in Bitcoin to secure their wealth. Others will likely do the same once some stability is restored.

Authorities have also started answering fire with fire as one Twitter user posted. The user shared a video that showed a police officer moving to the center of the road only to start shooting at protestors without warning.

Internet blackout: Bitcoin miners forced to halt operations

To stop such news from spreading and creating hysteria the government shut down the internet in the country. Reportedly, connectivity in the country has dropped as low as seven percent. This would have a negative effect on businessmen, and other citizens including, crypto traders and miners. All of their operations were suddenly halted and based on the losses miners might have to sell their Bitcoin to recover.

Featured image by Flickr.