June 25, 2024

Iran announces reward for illegal mining information

Iran announces reward for illegal mining information

Iranian authorities will pay a cash reward to anyone who provides useful information about illegal cryptocurrency mining in the country.

The Ministry of Energy announced this program.Iran during the presentation of new electricity tariffs for miners. In addition to raising the average price to the export level ($ 0.29 per kW), miners were banned from working during peak hours of energy consumption.

The press service also explained that people who will expose cryptocurrency mining activities in which it is illegalsubsidized electricity is used, they can count on remuneration in the amount of up to 20% of the amount of damages.

In addition, prices for miners will be veryvary greatly depending on the season. For example, in cold months it will be half the average level, and in warm months – four times higher due to increased energy consumption in hot weather.

However, Iranian authorities are not only increasing pressure,but they also offer to take advantage of additional benefits from business legalization. In September, the country's National Tax Administration invited miners to take advantage of tax holidays and tax exemptions for repatriating foreign savings.