Saturday, April 13, 2024

Iran continues its crackdown on illegal cryptocurrency mining, seizing hundreds of rigs

Many countries are now taking strict actions against illegal crypto miners. After Kazakhstan, Iran joins the list of countries taking stringent action against unregistered mining activities. If these countries cannot account for the surplus energy that goes into Bitcoin mining, they will have a hard time keeping up with the energy demands. However, unlike Kazakhstan, Iran did more than just address the issue. In a recent operation, officials seized more than one hundred illegal Bitcoin mining hubs. The problem of illegal crypto mining has been on the rise since China imposed a ban on all crypto mining activities and transactions.

Most of the seized machinery was found in regular households and not dedicated facilities. Bitcoin mining in Iran is largely regulated, and many people take the illegal route to avoid taxes and hassle. In Iran, Bitcoin mining is a popular source of secondary income. Since the country’s economic condition is not very strong, there are many who cannot find work in their vicinity. Bitcoin mining is a viable and lucrative income opportunity for them. But unlike registered miners, illegal miners do not need to pay for special electricity charges. Since Bitcoin mining is an energy-intensive work, power distribution bodies usually do not let it operate on the domestic power supply. But illegal miners pose a problem to this setting since it is not possible to altogether disconnect places from the power supply. Over the next weeks, we will see how this seizure unfolds and what are its aftermath.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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