2 years ago
Authorities successful Iran person unopen down adjacent to 7,000 unauthorized facilities for cryptocurrency mining successful the past 2 years, section media revealed. According to a report, astir of the amerciable bitcoin farms were concentrated successful 5 provinces of the Islamic Republic, including Tehran.
Iran Continues Crackdown connected Unlicensed Cryptocurrency Mining
Iranian officials person unplugged and disbanded a full of 6,914 crypto farms operating without a mining license. This since authorities started clamping down connected the amerciable extraction of cryptocurrencies successful 2020, the English-language Iranian regular Financial Tribune unveiled this week.
The paper quotes a study by Iribnews.ir, which details that these facilities person burned immoderate 645 megawatts of electrical powerfulness portion minting integer currencies without permission. It has been estimated this equals the yearly depletion of 3 large regions — North Khorasan, South Khorasan, and Chaharmahal-Bakhtiari.
Cryptocurrency mining has been a ineligible concern enactment successful Iran for astir 3 years now, aft the authorities approved regulations for the assemblage successful July 2019. A licensing authorities was introduced and companies that privation to get progressive successful the concern request to get authorization from the Ministry of Industries.
However, arsenic registered crypto miners are required to bargain the electrical vigor they request astatine higher, export rates, galore Iranian miners person opted to stay nether the radar. They usually link illegally to the grid and usage subsidized energy to powerfulness their mining hardware.
Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) has been going aft underground crypto farms, closing them down and confiscating hundreds of thousands of mining machines. If identified, their operators tin beryllium fined for damages inflicted connected the organisation web and a study revealed past period that the authorities is preparing to increase the penalties.
The country’s energy shortages past summertime were partially blamed connected accrued energy usage for coin minting and adjacent licensed miners were asked to shut down their equipment. They were allowed to resume operations successful September but past again ordered to suspend activities successful the look of a increasing powerfulness shortage successful the acold wintertime months.
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Lubomir Tassev
Lubomir Tassev is simply a writer from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, alternatively than what I do.” Besides crypto, blockchain and fintech, planetary authorities and economics are 2 different sources of inspiration.
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