Iran Shuts Down 1,620 Cryptocurrency Mining Farms

Since Iran started recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners in the starting up welcomed the reputation but later said that the electricity tariffs had been too high.

1,620 Crypto Mining Farms Shut Down in Iran

Iranian authorities dangle reportedly closed down 1,620 unlawful cryptocurrency mining farms for the reason that country started recognizing cryptocurrency mining as an beautiful industry in July 2019. The Monetary Tribune reported Monday that these mining farms had been utilizing 250 megawatts of electricity. Quite so much of the unauthorized cryptocurrency mining farms had been known in December because the payment of bitcoin surpassed all-time highs.


Mostafa Rajabi Mashhadi, a spokesman for the Vitality Generation, Distribution and Transmission Firm (Tavanir), told the deliver broadcaster on Saturday:

Tavanir is strict in coping with unauthorized miners, these that exhaust subsidized vitality, such as unlicensed miners, would possibly be fined as mighty because the loss they impose on the nationwide grid. Their mining locations would possibly be disconnected from the nationwide grid and face prosecution.

In July 2019, the Iranian authorities said it would possibly per chance per chance acknowledge crypto mining as an beautiful industry. The publication well-known that originally, miners welcomed this transfer but later they claimed that the electricity tariffs had been too high and took their agencies underground.

Tavanir is legally authorized to shut down unlawful crypto mining agencies, the news outlet well-known, including that an whole of 24 cryptocurrency mining farms utilizing 310 MW were authorized by the Ministry of Industries, Mining, and Trade to this level.

The Iranian Vitality Ministry defined that the electricity bills for miners are fixed with common vitality export charges and the country’s Forex Management Constructed-in Machine (Nima). “Miners are charged 4,800 rials for one kilowatt-hour that’s half of the electricity export price in autumn, iciness and spring,” the publication detailed. “Nevertheless, billings are deliberate to be fixed with 19,300 rials/kw, twice the payment for exported electricity in summer (June to Sept).”

Rajabi Mashhadi said that the judiciary reported a jump in court docket cases connected to unlawful cryptocurrency mining in December and virtually 500 cryptocurrency mining farms had been known with the aid of whistleblowers. They are given incentives, including rewards of 100 million rials, for serving to vitality officers name unlawful crypto mining farms.

What fabricate you imagine Iran’s crypto mining industry? Direct us in the feedback part below.

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