Iran Finds Scapegoat In ‘Easy Victim’ Bitcoin as Officials Shut Down 1,600 Mi...
As Iran experiences rolling electricity blackouts, the country’s authorities have responded to the crisis by targeting bitcoin mining farms. The sanctions-hit country’s campaign against miners has seen a total of 1,600 mining centers being shut down. This Iranian blitz on cryptocurrency miners, however, appears to contradict the country’s previous policies towards cryptocurrency mining. The Real Cost of Electricity in Iran According to a report, the Islamic Republic has previously “authorized 24 bitcoin processing centers that consume an estimated 300 megawatts of....
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Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues Crackdown on Unlicensed Cryptocurrency Mining Iranian officials have unplugged and disbanded a total of 6,914 crypto farms operating without a mining license. This since authorities started clamping down on the illegal extraction of cryptocurrencies in 2020, the English-language Iranian daily....
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....
During the previous two years, authorities in Iran have shut down around 6,914 unregistered crypto companies. Authorized crypto mining plants in the Islamic Republic will be required to disconnect their energy-hungry coin minting devices on the 22nd of June this year, or the beginning of the Iranian month of Tir. Since 2020, when the administration […]
The US Treasury has announced a new round of Iran-related sanctions targeting crypto channels used to move value across borders, with Treasury officials arguing that Iran has turned to digital asset tools to bypass restrictions and maintain access to international funds. New Iran Sanctions On Crypto Exchanges The Treasury’s Office of Foreign Assets Control (OFAC) […]
Authorities in Iran are preparing to allow the employment of cryptocurrencies for international settlements. According to local media, central bank and government officials have given the green light to adopt a mechanism using digital coins in the field of foreign trade. Businesses in Iran to Be Able to Pay Foreign Partners With Crypto Iranian companies will be allowed to use cryptocurrencies in settlements with partners in other countries, local media reported. An agreement to that end has been reached by the Central Bank of Iran (CBI) and the Ministry of Industries, Mining and Trade.....