Iran Launches Crackdown on Cryptocurrency Mining – Finance Magnates

Iran Launches Crackdown on Cryptocurrency Mining – Finance Magnates

Iranian authorities have shut down 1,620 illegal cryptocurrency mining farms that used nearly 250 megawatts of electricity in the last 18 months. The country announced in July that all crypto miners must register their rigs with the government.

According to the details shared by Tavanir, a state-owned power generation, distribution, and transmission company, unauthorized crypto mining farms caused heavy damages to the power distributors in the country.

Commenting on the recent crackdown, Mostafa Rajabi Mashhadi, a spokesman of Tanavir, said: “Tavanir is strict in dealing with unauthorized miners, those who use subsidized power, such as unlicensed miners, will be fined as much as the loss they impose on the national grid. Their mining places will be disconnected from the national grid and face prosecution.”

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Iran’s Vice President Eshaq Jahangiri mentioned in a directive published in July 2020 that cryptocurrency miners are required to disclose their identities and other technical details of their mining farm at the time of registration. The crypto mining community in Iran opposed some of the requirements outlined by the Government and mentioned that Iran is discouraging crypto mining in the country by imposing high electricity tariffs.

Cryptocurrency Mining

China has been a dominant force in crypto mining. According to an estimate, China accounts for more than 50% of the global hash rate. Ripple termed Bitcoin