Iran confiscates 3,000 unlicensed crypto mining devices

Posted:Jun 13, 2021 05:45 Category: Asia , Crypto , Posted by
Stanley Yin

Country-wide investigations against unlicensed crypto miners saw large disbands of crypto farms, taking users off the power grid

hydroplantIn concordance with new crypto regulations aiming to counter power shortages, Iranian authorities launched an offensive that seized more than 3,000 mining devices in a single week. The power shortages and blackouts in the hydroplant dependent country were mainly caused by low rainfall and also higher demand of electricity due to rising temperatures and extensive crypto mining.

Crypto mining operators now have to apply for a government issued license. When admitted, miners must pay a rate of 16,574 Iranian Rials ($0.39) per kilowatt-hour, quadrupling the previous price. Several institutions have received such a license, using 300 megawatts per day. In contrast, continued illegal operations consume 2,000 megawatts daily.

Before launching the sting operation, the government hat warned that any non-compliant miners will be taken off the power grid and that their devices will be confiscated.

More than 500 devices were seized in Tehran province alone, where 183 illegal farms with 11,000 mining units had been found throughout the past year, according to Bitcoin.com.

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