Business And Markets
0

Iran: Crackdown on Illegal Crypto Farms

Iran: Crackdown on Illegal Crypto FarmsIran: Crackdown on Illegal Crypto Farms

Authorities closed 1,620 illegal cryptocurrency mining farms that were used 250 megawatts of electricity since July 2019, when mining was legalized, spokesman of the Power Generation, Distribution and Transmission Company (Tavanir) said. 
"Tavanir is strict in dealing with unauthorized miners, those who use subsidized power, such as unlicensed miners, will be fined as much as the loss they impose on the national grid. Their mining places will by disconnected from the national grid and face prosecution," Mostafa Rajabi Mashhadi told the state broadcaster on Saturday. 
In July 2019 the government said it would recognize crypto mining as a legal industry. This was first welcomed by miners, but later they claimed that the electricity tariffs were too high and went underground with their business to deceive the utilities. 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com