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Iran Shuts Down 1,620 Cryptocurrency Mining Farms

01/06/2021
Iran Shuts Down 1,620 Cryptocurrency Mining Farms

Since Iran started recognizing cryptocurrency mining as an trade, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the popularity however later mentioned that the electrical energy tariffs had been too excessive.

1,620 Crypto Mining Farms Shut Down in Iran

Iranian authorities have reportedly closed down 1,620 unlawful cryptocurrency mining farms for the reason that nation began recognizing cryptocurrency mining as a authorized trade in July 2019. The Monetary Tribune reported Monday that these mining farms had been utilizing 250 megawatts of electrical energy.

Mostafa Rajabi Mashhadi, a spokesman for the Energy Technology, Distribution and Transmission Firm (Tavanir), informed the state broadcaster on Saturday:

Tavanir is strict in coping with unauthorized miners, those that use backed energy, resembling unlicensed miners, will likely be fined as a lot because the loss they impose on the nationwide grid. Their mining locations will likely be disconnected from the nationwide grid and face prosecution.

In July 2019, the Iranian authorities mentioned it might acknowledge crypto mining as a authorized trade. The publication famous that originally, miners welcomed this transfer however later they claimed that the electrical energy tariffs had been too excessive and took their companies underground.

Tavanir is legally licensed to close down unlawful crypto mining companies, the information outlet famous, including {that a} complete of 24 cryptocurrency mining farms utilizing 310 MW have been permitted by the Ministry of Industries, Mining, and Commerce to this point.

The Iranian Vitality Ministry defined that the electrical energy payments for miners are primarily based on common energy export charges and the nation’s Foreign exchange Administration Built-in System (Nima). “Miners are charged 4,800 rials for one kilowatt-hour that’s half the electrical energy export price in autumn, winter and spring,” the publication detailed. “Nevertheless, billings are deliberate to be primarily based on 19,300 rials/kw, twice the value for exported electrical energy in summer season (June to Sept).”

Rajabi Mashhadi mentioned that the judiciary reported a soar in court docket circumstances associated to unlawful cryptocurrency mining in December and practically 500 cryptocurrency mining farms had been recognized with the assistance of whistleblowers. They’re given incentives, together with rewards of 100 million rials, for serving to vitality officers establish unlawful crypto mining farms.

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