Iran Authorities Shut Down 1620 Illicit Crypto Mines

Iran Authorities Shut Down 1620 Illicit Crypto Mines

A total of 1620 illegal crypto mining farms were terminated by Iranian authorities. For the last 18 months, these out-of-law operating mines consumed 250 megawatts, where one megawatt equals a million watts, enough to power on average 600 to 650 homes.

These types of illicit mining activities are causing callosal damages to the country’s power distributors. A report shared by Iran’s power distribution/transmission/generating company Tavanir revealed the damages done to the industry.

Eshaq Jahangiri, the nation’s Vice president, previously released an official statement in July 2020 that all legal crypto miners are to reveal their identities during the registration of their farm with the government officials. At the time, many in the mining community were in direct opposition to the requirements, stating that Iran is purposefully discouraging crypto mining by imposing high electricity tariffs.

Tight regulations and high electric tariffs give to show what harm can be done to a local crypto mining industry. Iran is just an example. Just like in Iran, Chines miners are considering relocating their operation somewhere else.

China is by far the most dominant of all crypto-mining nations. It’s mining activities account for 50% of the global rate. So much so that Ripple said of Bitcoin and Ethereum that they are controlled by China, because of the local BTC and ETH mining dominance.

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