Iran continues to crack down on illegal crypto mining, confiscating hundreds of mining machines – Mining Bitcoin News

Iran continues to crack down on illegal crypto mining, confiscating hundreds of mining machines – Mining Bitcoin News


The Iranian authorities have persisted in their efforts to curb unauthorized cryptocurrency mining. The state-owned power distribution company recently discovered more than a dozen underground encrypted farms in Tehran and other areas and unplugged hundreds of mining machines that were illegally connected to the power grid.

Power company destroyed 14 crypto farms in households across Iran

The Iranian government continues to crack down on unauthorized crypto mining operations. State-owned Iranian Power Generation, Distribution and Transmission Company, ceiling, 227 mining machines were confiscated last week. Its employees found these devices in 14 illegal cryptocurrency farms set up by families in different parts of the country.

Ibena News Agency and the English-language business daily “Financial Tribune” cited the utility company’s announcement that these mining machines were found in the house during the inspection conducted by Tavanir. According to reports, coin minting facilities were discovered in Tehran, East Azerbaijan, Isfahan and Khuzestan provinces.

For more and more Iranians, cryptocurrency mining has become a popular source of additional income. The government legalized this activity in 2019. Entities that want to operate a coin minting data center need to obtain permission from the Ministry of Industry, and more than 50 companies have already done so.

Although registered mining companies need to pay higher export rates for the electricity they use, private consumers in Iran can get subsidized household electricity. The availability of cheap energy and the increase in cryptocurrency prices over the past year have led to the emergence of illegal mining farms throughout the Islamic Republic.

This summer, when the unusually hot weather increased power demand, authorized and underground crypto miners were largely blamed on power shortages. In May, the authorities impose Temporarily ban all cryptocurrency mining to reduce the electricity deficit.Then, in August, Tawanir Announce It will remove restrictions on licensed miners when the temperature starts to drop on September 22.

The power company confiscated all the equipment of illegal miners, and the Attorney General’s Office recently banned the release of confiscated hardware until the Iranian parliament decided how to treat unregistered crypto farms and their operators.So far, Tavanir has mastered 221,390 mining equipment and Turn off 5,756 illegal mining facilities. Their owners face fines for damage caused to the national distribution network.

According to official estimates provided by the Iranian Electric Power Company, crypto farms authorized by the Ministry of Industry currently consume approximately 400 megawatts (MW) of electricity. At the same time, undocumented miners are accused of burning nearly 2,000 megawatts a day.

Tawanier warned that due to continued pressure on the national grid from illegal mining operations, there may be power outages in the winter months when electricity demand increases again. The company explained: “The increasing demand for electricity from unauthorized crypto miners may lead to power outages this winter because natural gas consumption has also reached the peak of summer.” It also complains that the current penalties are insufficient to prevent illegal activities. Miners and called for stricter measures.

Do you think the Iranian authorities will try to restrict unauthorized mining? Share your thoughts on this topic in the comments section below.

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Confiscate, encryption, Crypto farm, Crypto miner, Crypto mining, Cryptocurrency, Cryptocurrency, Cryptocurrency farm, equipment, hardware, Illegal miners, Illegal mining, Iran, Iranian, Iranian, Islamic Republic, miner, mining, Mining equipment, Mining machine, Mining equipment, Seizures, ceiling, Tehran

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