Fun

Number of Busted Illegal Crypto Mining Farms in Iran Nears 7,000

News Feed - 2022-05-15 05:05:33

Number of Busted Illegal Crypto Mining Farms in Iran Nears 7,000


Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues Crackdown on Unlicensed Cryptocurrency Mining


Iranian officials have unplugged and disbanded a total of 6,914 crypto farms operating without a mining license. This since authorities started clamping down on the illegal extraction of cryptocurrencies in 2020, the English-language Iranian daily Financial Tribune unveiled this week.


The newspaper quotes a report by Iribnews.ir, which details that these facilities have burned some 645 megawatts of electrical power while minting digital currencies without permission. It has been estimated this equals the annual consumption of three major regions — North Khorasan, South Khorasan, and Chaharmahal-Bakhtiari.


Cryptocurrency mining has been a legal industrial activity in Iran for almost three years now, after the government approved regulations for the sector in July 2019. A licensing regime was introduced and companies that want to get involved in the business need to obtain authorization from the Ministry of Industries.


However, as registered crypto miners are required to buy the electrical energy they need at higher, export rates, many Iranian miners have opted to remain under the radar. They usually connect illegally to the grid and use subsidized electricity to power their mining hardware.


Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) has been going after underground crypto farms, closing them down and confiscating hundreds of thousands of mining machines. If identified, their operators can be fined for damages inflicted on the distribution network and a report revealed last month that the government is preparing to increase the penalties.


The country’s electricity shortages last summer were partially blamed on increased electricity usage for coin minting and even licensed miners were asked to shut down their equipment. They were allowed to resume operations in September but then again ordered to suspend activities in the face of a growing power deficit in the cold winter months. Tags in this story bitcoin farms, Bitcoin Miners, Bitcoin mining, closed down, consumption, Crackdown, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Electricity, fines, Iran, Iranian, Miners, mining, mining farms, penalties, shortages, shut down, Tavanir


Do you expect Iran to continue to crack down on unlicensed crypto mining? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Despite the Low Price, Bitcoin"s Hashrate Remains Elevated as Difficulty Taps an All-Time High MINING | 10 hours ago Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament MINING | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Market Rout Pulls the Floor out From Blue-Chip NFTs, Weekly Sales Down 64% Next articleUS, UK, Canada, Australia, Netherlands Share Crypto Criminal Leads, Including a Potential $1B Ponzi Scheme Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Exploits and Flash Loans Are Just the Beginning, Defi Economy Is Less Private Than People Think
Exploits and Flash Loans Are Just the Beginning, Defi Economy Is Less Private Than People Think Decentralized finance otherwise known as defi has climbed signifi
Bitcoin Dominance Fuels $585 Million Crypto ETP Inflows In 2025
Este artículo también está disponible en español. Bitcoin and crypto ETPs continue their impressive performance just a week into the new year. According to a CoinShares r
Crypto Borrowing: Here Are Seven of the Best Interest Rates on the Market
Crypto Borrowing: Here Are Seven of the Best Interest Rates on the MarketCryptocurrency is sizing up traditional finance on its legacy turf of lending and borrowing with competitive
Greens’ push to end German cryptocurrency tax exemption sparks debate
Veronika Rinecker10 hours agoGreens’ push to end German cryptocurrency tax exemption sparks debateThe Greens think the current one-year holding tax exemption for crypto is unfair and are seeking to abolish it.632 Total
US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down the Rules
US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down the Rules The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Tr
Ana Paula Pereira7 hours agoVanEck to donate 10% profits from Ether ETF to core developersThe Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should
Bitcoin, Ethereum Technical Analysis: Bitcoin Trades Near Key Support Level to Start the Weekend
Bitcoin, Ethereum Technical Analysis: Bitcoin Trades Near Key Support Level to Start the Weekend Bitcoin was trading close to its long-term support level during Saturday’s s
British Auction House Christie’s to Auction Cryptopunks, Meebits, Bored Apes NFTs
British Auction House Christie’s to Auction Cryptopunks, Meebits, Bored Apes NFTs The well known luxury auction house Christie’s has announced the compan
Buying Corporate Bonds and ETFs: US Federal Reserve Continues to Bailout ‘Too Big to Fail’
Buying Corporate Bonds and ETFs: US Federal Reserve Continues to Bailout "Too Big to Fail"The U.S. Federal Reserve has continued its schemes of monetary easing and funding a number
Stephen Katte10 hours agoAre NFT markets in a death spiral or ready for a resurgence?NFTs have taken a massive hit since the 2021 bull market, but some experts say they could make a comeback.560 Total views7 Total shares
Survey: More Than 70% of Salvadorans Believe the Bitcoin Law Has Not Improved Their Personal Finances
Survey: More Than 70% of Salvadorans Believe the Bitcoin Law Has Not Improved Their Personal Finances A recent survey has offered some insight into the real opinions Salvadorans ha
Turner Wright5 hours agoGerman government watchdog launched Worldcoin probe in November 2022: ReportAuthorities in the United Kingdom and France have also reportedly cited concerns over Worldcoin’s data collection meth