Bitcoin News and Finance
Iran Seizes 3,000 Crypto Mining Devices in a Week Skip to main content

Iran Seizes 3,000 Crypto Mining Devices in a Week

Iran Seizes 3,000 Crypto Mining Devices in a Week

Authorities in Iran have confiscated 3,000 units of mining hardware in just one week as part of a push to curb illegal crypto mining amid power shortages and blackouts. In a single year, Iranian law enforcement has shut down over 180 crypto farms in Tehran Province alone.

Over 500 Crypto Mining Rigs Confiscated in Tehran

As the government’s offensive against unauthorized crypto mining intensifies, authorities have discovered and seized more than 3,000 pieces of mining equipment, Iran’s power utility announced Wednesday. Over 500 devices have been confiscated in Tehran Province, where law enforcement officials have already shut down 183 illegal crypto farms with 11,000 mining units in the past fiscal year.

Iran Seizes 3,000 Crypto Mining Devices in a Week

Another 600 mining rigs have been found in Kerman Province, said the Iran Power Generation, Distribution and Transmission Company (Tavanir) quoted by the Financial Tribune. According to the Iranian business daily, illegal mining farms have been located also in the provinces of Khuzestan, Mazandaran, Qom, and Bushehr.

The seizures of mining hardware come after Tavanir’s warning last week to unlicensed miners that its patience was running out. The state-owned company called on citizens who mint digital coins in their homes to switch off the mining equipment. The power utility emphasized that those who fail to comply will be cut off from the grid when identified and their mining rigs will be confiscated.

Tavanir Aims to Save 2,000 MW of Electricity Used Daily for Unlicensed Mining

High cryptocurrency prices and subsidized electrical power have pushed many Iranians towards crypto mining over the past year. And while the government has authorized a number of entities to legally mint digital currencies in the country, these only account for around 300 megawatts (MW) of daily electricity consumption. According to Iranian government estimates, illegal mining operations burn around 2,000 MW every day.

Iranian authorities have blamed this year’s power shortages and blackouts on low rainfall, higher electricity demand with rising temperatures, and also surging cryptocurrency mining. In May, Tavanir said even licensed miners would be shut down during peak hours of consumption to cope with a 5,000 MW daily shortage of electricity.

Iran Seizes 3,000 Crypto Mining Devices in a Week

Later that month, Iranian President Hassan Rouhani announced a ban on digital coin minting until September. This week, Rouhani also called for rules to regulate the crypto sector as Iran’s Economy Minister Farhad Dejpasand warned that the government can’t stand in the way of crypto tech development for too 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, regulations were revised and crypto miners have since been charged 16,574 Iranian rials ($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 the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory