Number of Busted Illegal Crypto Mining Farms in Iran Nears 7000

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Number of Busted Illegal Crypto Mining Farms in Iran Nears 7000 – According to local media, authorities in Iran have shut down around 7,000 unlicensed bitcoin mining facilities in the last two years. The majority of the illegal bitcoin farms, according to a report, were centered in five regions of the Islamic Republic, including Tehran.

Iranian authorities have disconnected and dismantled a total of 6,914 crypto farms that were mining without a license. This has been the case since authorities began cracking down on illegal cryptocurrency extraction in 2020, according to the English-language Iranian daily Financial Tribune.

Also Read: Central Bank of Chile Studies Issuance of a Digital Currency

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According to a report published by Iribnews.ir, these facilities have consumed 645 megawatts of electricity while minting digital currency without authorisation. This is equal to the annual consumption of three major regions: South Khorasan, North Khorasan, and Chaharmahal-Bakhtiari, according to estimates.

After the government adopted legislation for the sector in July 2019, cryptocurrency mining has been a lawful industrial activity in Iran for almost three years. A license framework was implemented, and enterprises interested in getting involved in the company must first get permission from the Ministry of Industries.

However, because registered crypto miners must purchase their electrical energy at higher export rates, lots of Iranian miners have chosen to remain untraceable. They frequently connect to the grid illegally and power their mining equipment with subsidized electricity.

Iran’s Tavanir (Power Generation, Distribution, and Transmission Company) has been pursuing underground crypto farms, shutting them down and seizing hundreds of thousands of mining machines. If found, their operators face fines for damages to the distribution network, and according to a report released last month, the government is considering increasing the penalty.

Also Read: Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament

Number of Busted Illegal Crypto Mining Farms in Iran Nears 7000 – Increased electricity demand for coin minting was partly blamed for the country’s electricity shortages last summer, and even authorized miners were asked to turn down their equipment. They were permitted to resume operations in September, but were later instructed to halt operations due to a worsening power shortage throughout the winter months.

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