Crypto mining: Iran shuts down over 1600 mining farms

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TL;DR Breakdown

  • Iran shuts downs over 1600 illegal crypto mining farms
  • Says the farms would be used to serve as deterrence to others

The authorities in Iran have just announced that they have had to shut down over 1600 illegal Bitcoin mining farms. According to the report, the illegal farms had used over 250 megawatts of electricity in the space of a year and the half.

Tavanir, the power company whose electricity was used by the illegal miners, spoke tough on the issue through its spokesman. The spokesman was quoted to have said that the firm was going fine these illegal miners in such a way that it would deter others. According to him, the fine was going to be as huge as the losses these illegal activities has caused the national grid.

He went on to add that they would be disconnected from the national power grid and the miners would still, also, face prosecution.

Iran is one of the few countries in the world to recognize and also legitimise the crypto mining industry. The authorities had requested that all miners in the country register with them before August of last year.

However, with this news, it appears that not all of the miners heeded to the words of the government.

Crypto mining activity is increasing outside China

In a recent report, we had reported how crypto mining activities were gradually shifting away from the Asian countries.

According to the report, many of these miners were moving to Nordic countries that was offering them green energy for their mining activities.

A major player in the industry, Philip Salter of Genesis mining, had said that the shift is one of the major happenings in the industry recently. Salter said miners were moving from China to Sweden and Norway because the industry was safer and more stable in those countries than it is in the Asian country.

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