US Sanctions Crush Iran's Bitcoin Mining Lifeline

Iran's currency, the rial, has hit a record low of 2.02 million per dollar amidst new US sanctions targeting its bitcoin mining sector.

The sanctions aim to cripple Iran's financial workaround that uses bitcoin mining to bypass economic restrictions.

Iran faces soaring inflation and economic contraction, with the US threatening secondary sanctions on Iran's trading partners to cut off dollar access.

Despite previous sanctions and cyberattacks disrupting Iran's crypto network, the country has adapted with new strategies, but ongoing power grid issues and further sanctions could severely impact its bitcoin mining lifeline.