Iranian Authorities Continue to Follow Up Illegal Crypto Mining Efforts
Name Price24H (%)
Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Iranian Authorities Continue to Follow Up Illegal Crypto Min...

Iranian Authorities Continue to Follow Up Illegal Crypto Mining Efforts

Iran’s authorities are continuing to fight illegal crypto mining. State-run electricity distribution company. It has recently detected more than a dozen hidden crypto farms in Tehran, and other areas that are still unknown.

Authorities started searching for illegally connected mining units and began to exterminate them. It will continue to increase in other locations if this continues, which is harmful for many parties.

Company Electricity Destroy 14 Mining Crypto Farms at Home in Iran

The government continues to clamp down on illegal crypto mining operations. Last week, 227 pieces of mining equipment were seized by Iran’s state-owned Power Generation, Distribution, and Transmission Company, Tavanir. Its employees discovered 14 devices in illegal cryptocurrency farms set up by different households across the country.

During inspections by Tavanir, mining machines discover in the homes. The Ibena news agency quoted the announcements, as well as the English-language daily Financial Tribune. According to the report, coin minting facilities were discovered in Iran, East Azerbaijan, and Isfahan.

More and more Iranians are turning to china cryptocurrency mining as a way to earn extra income. In 2019, the government authorized this activity. The Ministry of Industry issues permits to all entities that want to open a coin-mining data center. More than 50 companies have already obtained them.

Private consumers in Iran can access subsidized electricity. Register mining company require to pay more for electricity at higher export rates. Illegal crypto mining farms have sprouted all over Iran due to the cheap energy and rise in the cryptocurrency price in the last year.

This summer’s electricity shortage has been blamed largely on both underground and official crypto miners. Because unusually hot weather increases electricity demand. To reduce the power deficit, authorities placed a temporary ban cryptocurrency mining in May. In August, Tavanir announced that it would lift licensing restrictions for licensed miners starting September 22 when the temperature drops.

Power companies confiscated all equipment belonging to illegal crypto mining. The prosecutor’s office has recently stopped the release of the seized hardware while Iran’s parliament considers how to deal with unregistered crypto-farm operators. Tavanir currently controls 221,390 mining equipment and has closed 5756 illegal mines. For the damage done to the national distribution system, the owners will be fine.

According to Iran’s electric utility official estimates, the crypto farms that the Ministry of Industry has authorized consume approximately 400 megawatts (MW). Unlicense miner also accuse of burning almost 2,000 MW each day.

Tavanir warned of possible blackouts in the winter months as electricity demand rises again due to continued pressure from illegal mining operations.

The company stated that the increased demand for electricity from unauthorized crypto mining in Russia could lead to blackouts in winter when gas consumption also spikes as it did in summer. He also complained about the lack of harsh penalties that are currently in place to discourage illegal miners and demanded stricter enforcement.

Are you optimistic that the Iranian authorities will be able to stop illegal mining crypto? Let’s all see how it turns out.

Leave a Comment

Your email address will not be published. Required fields are marked *