approximately 2 - The Latremie Post

2006 Toyota Tundra Limited Double Cab V8 4×4 at No Reserve

This 2006 Toyota Tundra Limited is a Double Cab 4×4 pickup that has been continuously registered in Texas since new. The truck currently shows 117,000 miles on the odometer, with approximately 1,000 miles added since the seller purchased it in 2025.

Finished in Natural White (056) with a matching grille, bumpers, fiberglass tonneau cover, and wheel arch flares, this Tundra stands out with several exterior features. These include fog lights, four forward-opening doors, tubular side steps, a power sunroof, a power-sliding rear window, a locking tailgate, and a receiver hitch. The truck rides on bright 17″ MKW M26 wheels fitted with 265/70 Trailfinder All Terrain tires and has been equipped with a suspension leveling kit for an improved stance and handling.

Under the hood, the truck is powered by a 4.7-liter 2UZ-FE V8 engine rated at 271 horsepower and 313 lb-ft of torque. The engine is paired with a five-speed automatic transmission, a dual-range transfer case, and a limited-slip rear differential. Maintenance highlights include an oil change in October 2025 and recently replaced front pads and rotors as of the same month. Braking is handled by front disc and rear drum brakes.

Inside, the cabin features Taupe leather upholstery with front captain’s chairs and a rear bench seat. The power-adjustable driver’s seat has had its lower bolster repaired to maintain comfort and support. Additional interior amenities include a JBL sound system, a DVD-based navigation system, air conditioning, cruise control, and power windows for both front and rear passengers. The four-spoke steering wheel surrounds a clear instrument cluster with a 120-mph speedometer, a tachometer with a 5,750-rpm redline, and gauges for voltage, oil pressure, fuel level, and coolant temperature.

Notable details include a window sticker from initial delivery to Gulf States Toyota in Houston, Texas, outlining factory colors, equipment, and a total MSRP of $37,748. The sale includes the original window sticker, manufacturer’s literature, a clean Carfax report confirming no accidents or damage, and a clean Texas title in the seller’s name. Buyers should note that the TPMS warning light is currently illuminated.

Photographs featuring paint meter readings and any blemishes are provided in the gallery below to give potential buyers greater insight into the truck’s condition.

This 2006 Toyota Tundra Limited is offered at no reserve, presenting an excellent opportunity to own a well-maintained, Texas-owned 4×4 pickup with desirable features and a documented history.
https://bringatrailer.com/listing/2006-toyota-tundra-61/

What’s Driving Bitcoin’s Price Down? Is a Rise Still Possible? Analysis Firm Explains!

Bitcoin experienced a major crash last night, with its price falling below the psychological level of $100,000. Singapore-based analysis firm QCP Capital has examined the main reasons behind this recent decline.

QCP analysts pointed out that the drop in Bitcoin’s price was primarily driven by a stronger US dollar and growing uncertainty about the Federal Reserve’s (Fed) future actions. The fall below $100,000 has also negatively impacted risk appetite among investors.

This weakening in risk appetite and ongoing macroeconomic pressures have been reflected in US spot Bitcoin ETFs, which have recorded net outflows of approximately $1.3 billion over four consecutive days. According to QCP Capital, “This reversal in ETFs has turned one of Bitcoin’s strongest tailwinds of 2025 into a near-term headwind.”

In addition, weaker spot demand for Bitcoin has coincided with forced deleveraging, resulting in liquidations exceeding $1 billion in long positions. Investors in the options market have also increased hedging activities around the $100,000 mark, highlighting the cautious sentiment prevailing in the market.

The data currently points to a technical decline in Bitcoin, with significant uncertainty still surrounding the Fed’s decisions. The recent 25 basis point rate cut by the Fed in October—despite rare opposition—has been met with a cautious market stance. This has delayed expectations of a new rate cut in December.

Market pricing currently reflects a 72.1% probability of a 25 basis point cut in December, while a scenario keeping rates unchanged stands at 27.9%.

Despite the prevailing uncertainty and increased macroeconomic pressures, QCP Capital analysts remain optimistic that Bitcoin could rally again. They noted that a sustained upward movement in BTC will likely depend on ETF outflows turning into inflows and a renewed investor confidence in risk assets.

*This is not investment advice.*
https://bitcoinethereumnews.com/bitcoin/whats-driving-bitcoins-price-down-is-a-rise-still-possible-analysis-firm-explains/

Humana Reports $195 Million Profit As Costs Land Within Expectations

Humana Reports $195 Million in Q3 Profits as Medical Cost Trends Stabilize

Humana reported $195 million in third-quarter profits on Wednesday, with the health insurer’s medical cost trends aligning with previous company forecasts. Like its industry peers, Humana has faced increased costs, particularly within its Medicare Advantage plans—a substantial component of the company’s business.

Medicare Advantage plans are government-contracted and offer seniors additional benefits and services, such as disease management, nurse helplines, vision, dental care, and wellness programs. To improve performance, Humana exited certain “unprofitable” plans and counties during the quarter.

“Our 3Q25 insurance segment benefit ratio of 91.1% is in line with our guidance of ‘just above 91%,’” Humana stated in prepared management remarks released alongside its earnings report. The benefit expense ratio, which is the percentage of premium revenue allocated toward medical costs, was 91.1% compared to 89.9% in the same quarter last year.

Despite the elevated expense ratio, Humana’s net income dropped to $195 million, or $1.62 per share, down from $480 million, or $3.98 per share, a year ago. However, revenue increased to $32.6 billion, up from $29.4 billion in the prior-year period.

Humana attributed some stability to less volatile industry cost trends over the past year, reaffirming its full-year 2025 adjusted earnings per share outlook of “approximately $17.00” and maintaining insurance segment benefit ratio guidance of 90.1% to 90.5%. This outlook, Humana noted, is “supported by solid execution and results.”

The company also reported improvements in its Medicare Advantage enrollment, reaching over 5.2 million individual enrollees by the end of the third quarter. “We now anticipate a FY 2025 decline of approximately 425,000 Individual Medicare Advantage (MA) members, improved from our previous expectation of a loss of up to 500,000, driven by stronger retention and better-than-expected sales,” the company said.

Meanwhile, Humana’s CenterWell healthcare services business continues to expand, reporting growth of 56,600 patients, or nearly 15%. “CenterWell Pharmacy continues to drive strong growth across payor-agnostic offerings, with increased Specialty volumes and strong Direct-to-Consumer growth, both exceeding previous expectations in 3Q25,” the company said.

Looking forward, Humana executives expressed confidence in the company’s strategy and outlook. “Our strategy of putting the consumer at the heart of everything we do is working, with solid year-to-date performance and strong momentum heading into the Annual Election Period,” said President and CEO Jim Rechtin. “We feel positive about the direction we’re headed and the value we are creating for our members, patients, and investors.”
https://bitcoinethereumnews.com/finance/humana-reports-195-million-profit-as-costs-land-within-expectations/

AAVE: Will the $50mln buyback plan repeat the 50% price surge?

**Key Takeaways**

– Why has Aave made token buyback official?
The team stated that the trial initiative was a “strong success” in improving AAVE value accrual.

– Will it lift the token above $200 again?
Yes, under a positive broader market sentiment, the deflation plan could boost AAVE in the long run.

—

DeFi lending giant Aave (AAVE) has unanimously approved the creation of a $50 million per year buyback program. This move follows what the project described as a “strong success” after a pilot test initiated in May, aimed at improving the tokenomics of the AAVE token.

According to the plan, the team intends to purchase between $250,000 and $1.75 million worth of AAVE tokens weekly, based on protocol revenue and other factors. There are still two additional steps before the proposal can be fully enforced.

—

### AAVE Buybacks and Potential Impact

Since May, the buyback initiative has acquired over 94,000 AAVE tokens, spending more than $22 million in the process. May marked the largest monthly purchase during the trial program, with the team adding 20,100 AAVE tokens.

During the same period, AAVE posted price gains of over 50%, partly fueled by a broader market recovery in Q2. From July to October, the team averaged about 10,000 AAVE tokens purchased monthly.

This deflationary move, combined with the broader market recovery, pushed AAVE prices up to $385 by August. However, headwinds in Q4 dragged the token’s value below $200 despite the ongoing buyback program.

—

### ETH Correlation Drives AAVE Swings

AAVE’s value demonstrates a strong positive correlation with Ethereum (ETH). During ETH rallies, AAVE tends to pump even harder. Conversely, during ETH pullbacks, AAVE experiences steeper declines.

As ETH serves as a bellwether for the broader DeFi ecosystem, its momentum often influences sector outliers like AAVE. A rebound in ETH could potentially lift AAVE if this correlation continues to hold.

That said, AAVE has faced selling pressure since the October flash crash, which has weighed on price performance recently.

—

### Exchange Inflows Add More Pressure

Data from CryptoQuant shows that exchange netflow for AAVE surged to a seven-month high last month, with approximately 10,000 AAVE tokens sent to exchanges weekly for sell-off.

Unless this selling pressure from exchanges tapers off, AAVE’s price may remain subdued in the short term.

—

### Conclusion

Overall, AAVE has experienced selling pressure alongside the wider market. However, the scaling of its deflationary buyback program could enhance its value over the long term, especially if positive market sentiment and ETH momentum return.

Stay tuned for further developments as the buyback program progresses and market conditions evolve.
https://bitcoinethereumnews.com/tech/aave-will-the-50mln-buyback-plan-repeat-the-50-price-surge/

XRP Whale Sell-Off Signals Potential Downside Near $2.2 Support Zone

**XRP Whales Offload 900,000 Tokens in Five Days, Fueling Bearish Market Sentiment**

XRP whales have recently intensified selling pressure by offloading approximately 900,000 tokens over the past five days. This significant sell-off has coincided with weakening on-chain metrics and technical indicators, driving a bearish sentiment in the market and pushing prices toward critical support levels between $2.20 and $2.30.

At the same time, Open Interest has dropped 15.73% to $3.52 billion, signaling reduced leverage and heightened risk aversion among traders. Liquidation heatmaps reveal dense clusters at $2.20 and $2.30, highlighting key volatility triggers with over $100 million in potential liquidations.

—

### What Is Driving the Recent XRP Whale Selling Pressure?

Large investors, or whales, have become the dominant force behind the recent XRP sell-off, distributing around 900,000 tokens in just five days. This surge in selling activity reflects growing caution among market participants amid broader volatility.

The sell-off aligns with a 12% decrease in large holder accumulation over the past week, according to on-chain data from Santiment. Together with technical weaknesses, this selling pressure underscores a market environment marked by caution and increased short-term bearish risks.

—

### How Are Technical Indicators Reflecting XRP’s Current Market Position?

Technical analysis shows a clear bearish tilt in XRP’s price action:

– **Relative Strength Index (RSI):** Currently at 35.22, approaching oversold territory, suggesting the possibility of buying interest emerging soon.
– **Directional Movement Index (DMI):** The negative directional indicator (-DI) stands at 36.38, overpowering the positive directional indicator (+DI) of 13.13.
– **Average Directional Index (ADX):** At 39.19, confirming strong downward trend momentum.

Price action has formed lower highs and repeatedly faces rejection by a descending resistance trendline, limiting any upward breakout attempts. XRP is consolidating within the $2.20–$2.30 demand zone, a historically significant area known for accumulation and potential price rebounds.

—

### Open Interest and Derivatives Market Contraction

The derivatives market for XRP has seen a notable pullback, with Open Interest falling by 15.73% to $3.52 billion. This decline reflects a broad reduction in trader participation, typically associated with periods of uncertainty and risk aversion.

According to Coinglass data, such retrenchment in leverage often leads to more stable price movements but also points to diminished speculative enthusiasm. Glassnode analysts note that Open Interest drops of over 15% frequently precede consolidation phases lasting several weeks.

Despite the current slowdown in derivatives activity, XRP’s long-term outlook remains underpinned by ongoing ripple ecosystem advancements, including cross-border payment integrations. Traders should watch for rebounds in Open Interest as a potential signal of renewed market confidence and possible whale accumulation resuming.

—

### The Role of Liquidation Zones in XRP’s Price Volatility

Liquidation zones are pivotal in shaping XRP’s current price risks. Coinglass heatmaps highlight concentrated liquidation clusters around $2.30 and $2.20, where more than $100 million in leveraged positions could be liquidated.

These zones act as magnets for price action—breaching them can trigger cascading forced liquidations, potentially amplifying price swings. For example:

– A breakdown below $2.20 may initiate a chain reaction of sell-offs.
– Holding above $2.20 could prompt short-covering, leading to a relief rally.

Binance futures data supports this vulnerability, showing a 20% spike in 24-hour liquidation volumes in recent sessions.

CryptoQuant analysts emphasize the influence of such liquidity pockets on short-term price direction, advising leveraged traders to exercise caution. Recent price tests near the upper boundary of this range confirm the need for sustained trading volume to validate a bullish reversal.

—

### Frequently Asked Questions

**What factors are contributing to XRP whale selling pressure in 2025?**

XRP whale selling pressure is primarily driven by profit-taking following recent gains, coupled with macroeconomic uncertainties and ongoing regulatory developments surrounding Ripple’s legal challenges. Over five days, approximately 900,000 XRP tokens were distributed, increasing market supply and exerting downward price pressure. While this intensifies short-term bearish risks, it does not diminish XRP’s long-term utility in cross-border payments.

**Will XRP hold the $2.20 support level amid current volatility?**

The $2.20 support is a critical technical level for XRP, historically acting as a strong floor during corrections. Current technical readings—including an RSI near oversold and consolidation within a key demand zone—suggest bulls could defend this level if accompanied by an uptick in volume. However, failure to hold $2.20 may expose lower support zones around $2.00, emphasizing the need for traders to prepare for potential volatility.

—

### Key Takeaways

– **Whale Offloads Signal Caution:** The sell-off of 900,000 XRP tokens by large holders has increased bearish sentiment, pressing prices toward crucial support levels.
– **Open Interest Contraction:** A 15.73% drop to $3.52 billion reflects reduced leverage in the market, which may stabilize prices but limit short-term upside momentum.
– **Liquidation Zones at the Forefront:** Traders should focus on the $2.20–$2.30 range as key zones for price volatility and potential directional shifts.

—

### Conclusion

XRP’s current market environment is characterized by intensified whale selling pressure, declining Open Interest, and concentrated liquidation clusters, fostering cautious trading sentiment. Prices are testing a vital demand zone between $2.20 and $2.30, with bearish technicals dominating. However, oversold signals do provide some hope for a rebound if buyers mount strong defenses.

As the Ripple network continues to expand its real-world applications, investors should closely monitor on-chain metrics and technical signals. Staying informed and prepared can offer strategic advantages in navigating this evolving landscape.
https://bitcoinethereumnews.com/tech/xrp-whale-sell-off-signals-potential-downside-near-2-2-support-zone/

DTCC Lists Nine XRP ETFs as Countdown to Potential Launch Begins

The Depository Trust & Clearing Corporation (DTCC) has recently listed nine XRP ETFs on its platform, signaling potential new trading opportunities for investors. These nine products include a mix of spot-based and futures-based strategies, filed between October 2024 and June 2025. The listings suggest that several XRP ETFs could begin trading as early as November 13, pending final regulatory approval.

### What Does a DTCC Listing Mean?

When an ETF appears on the DTCC site, it means the fund has completed initial registration steps and is prepared for market settlement once regulatory approval is granted. However, it’s important to note that a DTCC listing does not confirm that trading has already started.

### Futures-Based XRP ETFs Already Trading

Currently, four XRP ETFs that utilize futures contracts to track the token’s price movements are actively trading in the market. Examples include the ProRP ETF. These futures-based funds offer daily leverage ranging from one to two times the price movement of XRP. Instead of holding actual XRP tokens, these ETFs gain exposure through derivatives contracts.

In addition, the REX-Osprey XRP ETF, launched in September, operates as a hybrid product with approximately 80% spot exposure. This fund functions under the regulatory framework of the 1940 Act, allowing it to trade while pure spot XRP ETFs await final SEC approval.

### Spot-Based XRP ETFs Awaiting SEC Approval

Five XRP ETFs focusing on direct spot exposure—meaning they hold actual XRP tokens—are still under review by the Securities and Exchange Commission (SEC). Among these is the spot component of the 21-Osprey ETF. Progress on these applications stalled following the U.S. government shutdown on October 1, which delayed the review of more than 16 altcoin ETF filings, including those involving XRP, Solana, Dogecoin, and Cardano.

### Renewed Optimism for Spot XRP ETFs

Recent developments have boosted optimism for the approval of spot XRP ETFs. Canary Capital has removed a delaying amendment from its filing, setting an automatic effective date of November 13, pending the Nasdaq’s clearance of the ticker symbol.

Both Fidelity and Canary Capital have filed final S-1 updates for their altcoin ETF applications, aligning with this same November 13 target date. If the SEC approves these submissions, several spot XRP ETFs are expected to start trading on or around that date.

### Broader Progress in the Altcoin ETF Market

Despite earlier delays, the altcoin ETF market has seen notable progress recently. On October 28, Canary Capital launched the first U.S. spot Litecoin ETF, while Bitwise rolled out its spot Solana ETF under new generic listing standards on the same day. Grayscale’s Solana ETF followed with a launch on October 29.

These developments demonstrate that the SEC has resumed processing applications for altcoin ETFs, signaling potential momentum for the approval of XRP ETFs and other pending cryptocurrency products before the end of November.

—

Investors interested in XRP ETFs should keep an eye on regulatory updates and market announcements as November 13 approaches, which could mark a significant expansion in options for crypto-based exchange-traded funds.
https://coincentral.com/dtcc-lists-nine-xrp-etfs-as-countdown-to-potential-launch-begins/

U.S. Treasury cuts Q4 borrowing estimate to $569B

The Federal borrowing estimate for the U.S. Treasury Department for the final three months of the year was reduced to $569 billion, thanks to a stronger cash position and improved revenue collection.

The three-month period, which ended on Wednesday, saw $21 billion in short-term borrowing—significantly down from the $590 billion forecast issued in July. This marks a notable decrease in short-term borrowing. Officials attribute most of these changes to having more cash than expected at the beginning of the quarter.

According to available data, the Treasury held approximately $891 billion in cash in early October, surpassing the $850 billion in summer gross cash. By utilizing a substantial portion of this cash reserve, the department was able to slow the rate of borrowing for spending and debt repayment while still meeting all its obligations.

### Treasury Leverages a Strong Cash Buffer

The Treasury’s borrowing cut results from careful cash management, especially following months of heavy issuance to rebuild reserves after the debt ceiling suspension at the start of the calendar year. In previous quarters, Treasury increased sales of short-term bills to replenish its funds. However, strong tax inflows combined with cautious spending have left it with a larger-than-expected cash cushion.

Analysts suggest that this improved cash position could ease some pressure in the bond markets, which have faced challenges due to the rapid pace of supply and rising longer-term interest rates. The borrowing reduction is seen as a positive move to stabilize Treasury operations again, according to industry experts quoted by the *Financial Times*.

Additionally, lowering borrowing requirements may help steady Treasury yields, offering investors a clearer outlook on Federal Reserve interest rate hikes.

### Continued Fiscal Challenges Ahead

Despite the borrowing cut, economists caution that this is not a sign of broader fiscal restraint. Federal spending levels remain unchanged, and borrowing continues to be significantly higher than pre-pandemic levels.

The Treasury also faces ongoing challenges moving forward.

### High Borrowing Plans for Early 2026

Looking ahead, the Treasury plans to borrow approximately $578 billion between January and March 2026, assuming a year-end cash balance of $850 billion. This forecast aligns with previous projections and highlights that federal borrowing will remain considerable in the upcoming quarters.

Government expenditures on entitlement programs, infrastructure plans, and other initiatives continue to drive this high borrowing demand.

Market observers expect a balanced issuance strategy across bills, notes, and bonds, aiming to maintain appropriate liquidity throughout the maturity spectrum without destabilizing the Treasury market.

### Managing Persistent Fiscal Deficits

Persistent fiscal deficits mean that effective debt management is more critical now than ever. While the current reduction in borrowing may offer short-term relief from oversupply concerns, investor focus will soon shift to the Treasury’s strategy for the first quarter of 2026, especially given the prevailing economic conditions and political landscape.

—

*Don’t just read crypto news. Understand it. It’s free.*
https://bitcoinethereumnews.com/finance/u-s-treasury-cuts-q4-borrowing-estimate-to-569b/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-treasury-cuts-q4-borrowing-estimate-to-569b

2004 Subaru Forester 2.5 XT at No Reserve

This 2004 Subaru Forester 2.5 XT has been owned by a single owner in Pennsylvania until March 2025 and currently shows 59,000 miles on the odometer. Finished in sleek black with matching black upholstery, this Forester is powered by a turbocharged 2.5-liter flat-four engine paired with a four-speed automatic transaxle and Subaru’s signature all-wheel-drive system.

The vehicle is well-equipped, featuring a limited-slip rear differential, 16-inch alloy wheels wrapped in 215/60 Riken Raptor tires, fog lights, roof bars with crossbars, and a hood scoop. Additional exterior features include splash guards and a rear window wiper. While there are some dents and paint imperfections noted by the selling dealer, the overall condition remains solid, though it’s worth mentioning the headlights show some oxidation.

Inside, the Forester offers heated front bucket seats and a split-folding rear bench upholstered in black vinyl and cloth. The driver’s seat bolster has a minor tear, and the seller notes some wind noise coming from the driver’s door seal. Comfort and convenience features include automatic climate control, cruise control, a dash-top storage compartment, and a six-disc CD changer. The leather-wrapped steering wheel frames a 150-mph speedometer along with a tachometer and gauges for boost pressure, fuel level, and coolant temperature.

Under the hood, the turbocharged 2.5-liter flat-four engine utilizes dual overhead camshafts per cylinder bank and produces a factory-rated 210 horsepower and 235 lb-ft of torque. Important maintenance has been performed over the years, including replacement of the catalytic converter and turbocharger in 2015, a serpentine belt replacement in February 2023, and a recent oil change in preparation for sale. The transaxle fluid was also replaced approximately 500 miles ago, ensuring smooth operation.

Stopping power is delivered by four-wheel disc brakes with ABS, providing confident braking performance. The all-wheel-drive system features a viscous limited-slip rear differential for enhanced traction and control.

This Forester is being offered at no reserve by the selling dealer in Florida and comes with a clean Carfax report and a Pennsylvania title. The Carfax is free of accidents or other reported damage, making this a well-maintained and reliable example of Subaru’s iconic turbocharged crossover SUV.

If you’re looking for a practical, sporty, and meticulously cared-for 2004 Subaru Forester XT, this vehicle is worth considering.
https://bringatrailer.com/listing/2004-subaru-forester-xt-23/

Bitcoin, Ethereum and Dogecoin Plunge as Crypto Liquidations Top $1.1 Billion

After a rough October that didn’t deliver the anticipated “Uptober” gains for Bitcoin and other top crypto assets, November is off to a challenging start. Major cryptocurrencies are deep in the red so far this Monday, with Bitcoin plunging 4% and altcoins suffering even larger losses.

Liquidations are piling up quickly. According to data from CoinGlass, approximately $1.16 billion worth of positions were liquidated over the last 24 hours. The vast majority of these, about $1.08 billion, were long positions—bets that asset prices would rise.

Bitcoin and Ethereum are leading the downturn, with liquidations totaling around $298 million and $273 million respectively. Bitcoin has dropped 4% on the day to a recent price of $20,699, marking its lowest level since October 17, as reported by CoinGecko. Ethereum and other altcoins have been hit even harder, with ETH declining roughly 7% to $3,583—a near three-month low.

Other notable losses include XRP, which has fallen about 7% to $2.33. BNB, Solana, and Dogecoin are all experiencing daily declines around 9% at the time of writing.

Interestingly, this latest crypto plunge comes even as major stock indices like the Nasdaq and S&P 500 remain in positive territory. There are no clear catalysts explaining such significant crypto losses this Monday.

However, on X (formerly Twitter), noted pseudonymous analyst Maartunn from CryptoQuant highlighted several potential factors driving today’s downturn. These include sell pressure from U.S. spot Bitcoin traders and apparent “signs of fragility” in the Ethereum charts.

Crypto prices began slipping late Sunday after comments from U.S. Treasury Secretary Scott Bessent regarding the impact of high interest rates on the economy. Bessent warned that “parts of the economy” may have been pushed “into recession.” As a result, crypto traders may be bracing for short-term volatility ahead of this week’s critical jobs report.
https://decrypt.co/347154/bitcoin-ethereum-dogecoin-plunge-crypto-liquidations-topping-1-1-billion

Iran’s Bitcoin Mining Industry: Inside the World’s Fifth-Largest Operation Amid Sanctions and Energy Crisis

**Iran’s Crypto Boom Pushes Fragile Power Grid to the Breaking Point**

With 95% of mining operations running illegally and consuming enough power to light up entire cities, Iran’s cryptocurrency boom is placing significant strain on an already fragile power grid.

### A Nation Turning to Digital Currency

Iran’s interest in cryptocurrency exploded after 2017 when international sanctions cut off access to global banking systems. Unable to use traditional financial channels, the country turned to Bitcoin and other digital currencies as a way to bypass restrictions.

Today, Iran controls about 4.2% of the global Bitcoin mining power, ranking fifth worldwide behind the United States, Kazakhstan, Russia, and Canada. Although this is a drop from 7.5% in March 2021, it still represents a substantial mining operation.

The appeal is clear: electricity in Iran costs between $0.01 and $0.05 per kilowatt-hour, making it incredibly cheap to mine Bitcoin. With costs as low as $1,300 to mine one Bitcoin—which can sell for over $100,000—the profit margins are enormous.

Around 22% of Iran’s population now uses or owns cryptocurrency, totaling an estimated 10 million users. For many Iranians facing severe inflation—the rial lost 37% of its value against the dollar in 2024 alone—crypto offers a way to protect savings from collapse.

### The Illegal Mining Problem

Iranian officials report approximately 427,000 active crypto mining devices operating across the country. Shockingly, about 95% of these are illegal and run without proper authorization.

These underground operations consume roughly 2,000 megawatts of electricity—equivalent to the output of two nuclear reactors. Energy officials say crypto mining now accounts for 15-20% of the country’s electricity shortages.

Illegal miners hide their operations everywhere: abandoned homes, rural farms, underground tunnels, and even industrial facilities disguised as legitimate businesses.

During an internet outage related to conflict with Israel, power consumption dropped by 2,400 megawatts when over 900,000 illegal mining devices shut down, revealing the true scale of the problem.

Licensed miners face high electricity tariffs, making legal operations unprofitable and pushing most miners underground. Meanwhile, many operations linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly use electricity for free, further straining the power grid.

In Tehran Province alone, authorities have dismantled 104 illegal mining farms and seized 1,465 machines—enough to power nearly 10,000 households. Across the country, over 250,000 illegal devices have been confiscated.

To combat the issue, the government now pays citizens approximately $24 to report illegal mining operations, effectively turning regular people into informants.

### Government Control and Crackdowns

Iran legalized cryptocurrency mining in 2019, viewing it as a way to generate revenue despite sanctions. However, the government imposed strict regulations: licensed miners must sell their Bitcoin directly to Iran’s Central Bank.

In December 2024, the Central Bank abruptly blocked all cryptocurrency-to-rial transactions on websites. By January 2025, these channels reopened but only through a controlled system requiring full access to user data. Then, in February 2025, Iran banned all cryptocurrency advertising both online and offline.

The government is walking a fine line. While crypto mining offers an economic lifeline and helps bypass sanctions, the massive power consumption threatens grid stability and sparks public anger during blackouts.

### Sanctions Evasion and International Response

In 2024, sanctioned countries and entities, including Iran, received $15.8 billion in cryptocurrency, accounting for 39% of all illicit crypto transactions worldwide. Networks aiding Iran in selling oil facilitated over $100 million in cryptocurrency transfers between 2023 and 2025; broader networks handled more than $600 million.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has intensified crackdowns by sanctioning individuals and companies in China, Hong Kong, and the UAE connected to these operations.

Iran’s IRGC uses cryptocurrency to fund activities and support regional proxy groups. In 2022, the U.S. sanctioned two Iranians linked to the IRGC for using crypto exchanges to launder money from cyberattacks.

### The Nobitex Hack: Crypto Warfare

On June 18, 2025, Nobitex—Iran’s largest cryptocurrency exchange—suffered a massive hack. Pro-Israel hacker group Predatory Sparrow stole over $90 million in Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies.

The attack was politically motivated. Rather than keeping the stolen assets, the hackers sent the cryptocurrency to inaccessible wallet addresses containing anti-IRGC messages, effectively destroying the funds as a political statement.

Nobitex handles over $11 billion in transactions, more than the next ten largest Iranian exchanges combined. Past investigations linked the exchange to sanctioned IRGC operatives and wallets associated with Hamas, Palestinian Islamic Jihad, and Houthi groups.

The hack occurred amid escalating tensions between Israel and Iran, highlighting how cryptocurrency infrastructure has become a target in modern geopolitical conflicts.

When U.S. forces struck Iranian nuclear facilities shortly after, Bitcoin’s global hashrate dropped 15%—the sharpest decline in three years—fueling speculation about disrupted Iranian mining operations.

### The Road Ahead

Iran’s cryptocurrency industry exists in a challenging space between economic necessity and practical constraints. Experts estimate Iran has mined between 60,000 and 200,000 Bitcoins since 2018, though exact figures remain uncertain due to the underground nature of 85% of operations.

As economic pressures mount and the rial continues losing value, more Iranians are turning to cryptocurrency. Crypto outflows from Iran surged to $4.18 billion in 2024—a 70% increase from the previous year—as people move money out of the country’s unstable currency.

The government faces competing priorities: crack down on mining to preserve the power grid or allow it to continue as an economic tool for sanctions evasion.

Meanwhile, international enforcement agencies are becoming increasingly sophisticated in tracking crypto transactions and disrupting Iranian financial networks.

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Iran’s crypto story is a complex interplay of economics, politics, and technology, reflecting broader challenges faced by countries navigating sanctions and energy constraints in the digital age.
https://bitcoinethereumnews.com/bitcoin/irans-bitcoin-mining-industry-inside-the-worlds-fifth-largest-operation-amid-sanctions-and-energy-crisis/?utm_source=rss&utm_medium=rss&utm_campaign=irans-bitcoin-mining-industry-inside-the-worlds-fifth-largest-operation-amid-sanctions-and-energy-crisis