Iranian authorities shut down more than 1,000 mining farms on tips from informants

Iranian electricity generation, distribution and transmission company Tavanir reported that thanks to informants, it was possible to identify and close already 1,100 underground mining farms.

Since it is difficult for the authorities toto determine which business entities use subsidized electricity, at the end of last year a reward was announced for information about illegal cryptocurrency mining. For exposing the “resourceful” entrepreneurs are paid about $480.

The cooperation program started in November last yearafter Iran raised tariffs for miners and banned working during peak consumption hours.

Local laws oblige all physical andlegal entities to report on the type and number of devices used for mining. For their violation, a fine from $ 2,000 to $ 5,000 is provided for each piece of equipment and $ 20 thousand for the use of subsidized electricity for other purposes.

After the government recognized mininglegal industry, more than 1000 licenses were issued in the country to organize business in this direction, and in May 2020, President Hassan Rouhani instructed representatives of the central bank and the Ministry of Energy to develop a plan for the development of the industry.

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