Tuesday, June 22, 2021

Iranian intelligence officers target illegal crypto miners.

The Takeaway:

The Iranian government has reportedly enlisted the help of intelligence officials to track down illegal cryptocurrency mining farms.

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According to the Bloomberg report, the Iranian government is using intelligence officers to find and stop large-scale farms that have been set up to mine cryptocurrencies like Bitcoin. The Iranian Students’ News Agency had reported the testimony of a distribution coordinator at a state-run grid operator, who said the Ministry of Intelligence had begun setting up committees across the country to find and seize crypto mining farms. Iran has taken a strict stance on crypto mining in recent months due to frequent blackouts caused by them. 

 

Iran increases its effort to curb illegal crypto mining. 

Iran recently increased its efforts to curb down the illicit mining of cryptocurrencies after the nation’s electricity grids began to falter under heavy consumption. The state-run energy grid operator, Tavanir, was forced to restrict power to certain parts of the country due to increased energy usage by miners, resulting in power cuts, and the dimming of street lights. Earlier, a spokesperson from Iran’s Ministry of Energy recently reminded citizens that mining crypto at home was also illegal and that anyone caught doing so would face heavy fines if caught.

 

87% of cryptocurrency mining in Iran is considered illegal.

Cryptocurrency mining is a legal industrial activity in Iran. It is subject to licensing, and the government regulates the pricing of electricity used in the process. However, a spokesperson for Iran’s Ministry of Energy, Mostafa Rajabi, stated that as much as 87% of cryptocurrency mining in Iran was considered illegal. One fruitful source of information for the government on the operation of mining farms is reportedly local whistleblowers, who are incentivized with cash rewards to notify authorities of illegal activity. Earlier, the national grid operator doubled the maximum reward for successful tip-offs, raising it to 200 million rials ($873) — more than four times the median monthly salary in the country.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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