Iran Shuts Down 1,620 Cryptocurrency Mining Farms

Iran Shuts Down 1,620 Cryptocurrency Mining Farms

Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high.

1,620 Crypto Mining Farms Shut Down in Iran

Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since the country started recognizing cryptocurrency mining as a legal industry in July 2019. The Financial Tribune reported Monday that these mining farms were using 250 megawatts of electricity. Many of the unauthorized cryptocurrency mining farms were identified in December as the price of bitcoin surpassed all-time highs.

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Mostafa Rajabi Mashhadi, a spokesman for the Power Generation, Distribution and Transmission Company (Tavanir), told the state broadcaster on Saturday:

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 be disconnected

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