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Iran Seizes 3,000 Crypto Mining Devices in a Week – Mining Bitcoin News

Authorities in Iran have seized 3,000 units of mining hardware in just one week to curb illegal crypto mining amid a power outage and blackout. In a single year, Iranian law enforcement closed more than 180 crypto farms in Tehran province alone.

Over 500 crypto mining rigs seized in Tehran

As government action against unauthorized crypto mining intensifies, authorities have discovered and seized more than 3,000 mining equipment, Iran’s power utility announced Wednesday. More than 500 devices have been confiscated in Tehran province, where law enforcement officials have already closed 183 illegal crypto farms with 11,000 mining units in the last financial year.

Iran seizes 3,000 crypto mining devices in a week

Iran Power Generation, Distribution and Transmission Company said another 600 mining rigs had been found in Kerman provincetavaniri) quoted by the Financial Tribune. According to the Iranian trade daily, illegal mining farms are also located in Khuzestan, Mazandaran, Qom and Bushehr provinces.

The seizure of mining hardware came after Tavnir warned last week that unlicensed miners were running out of patience. The state-owned company called on citizens to mint digital coins in their homes to stop mining equipment. The power utility emphasized that those who fail to comply will be disconnected from the grid if they are identified and their mining rigs confiscated.

Tavanir aims to save 2,000 MW of electricity used per day for unlicensed mining

High cryptocurrency prices and subsidized electric power have pushed many Iranians to crypto mining over the past year. And while the government has authorized a number of entities to legally mine digital currencies in the country, these only account for about 300 megawatts (MW) of daily electricity consumption. according to the Iranian government an estimateIllegal mining operations burn about 2,000 MW per day.

Iranian officials have attributed this year’s power shortages and blackouts to less rainfall, higher electricity demand coupled with rising temperatures, and increased cryptocurrency mining. In May, Tavnir said licensed miners would also shut down To deal with the daily deficit of 5,000 MW of electricity during peak consumption times.

Iran seizes 3,000 crypto mining devices in a week

Later that month, Iranian President Hassan Rouhani Ban announced On digital coin mining as of Sept. Spiritual this week too called for rules Iran’s Economy Minister Farhad Dejpasand To Regulate The Crypto Sector warning That the government cannot stand in the way of the development of crypto technology for very long.

Tehran authorities approved cryptocurrency mining as a legal industry in the summer of 2019. The Islamic Republic introduced a licensing regime for bitcoin mining entities, which were obliged to pay their electricity bills at export rates. In April, the rules were revised and crypto miners are charged 16,574 Iranian riyals ($0.39) per kilowatt-hour (kWh) of electricity, which is four times the initial rate.

What do you think about Iran’s policies towards cryptocurrency mining? Share your thoughts on this topic in the comment section below.

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