Iran Seizes 45,000 Illegal Bitcoin Mining Machines

Police in Iran have seized 45,000 Bitcoin mining machines claimed to have been using illegally subsidized electricity from state-run energy provider Tavanir.

January 18, 2021 | AtoZ Markets – The Iranian police have seized some 45,000 Bitcoin mining machines that were using subsidized electricity illegally.

According to Mohammad Hassan Motavalizadeh, head of Iran’s state-run electricity company Tavanir, the miners, mostly of the application-specific integrated circuit (ASIC) type, had been consuming 95 megawatts per hour (MWh) of electricity at an ultra-cheap price.

Motavalizadeh said another 45 MWh of electricity had been saved through implementing modifications at street lighting systems in the capital Tehran and in other cities, Press TV reported.

The total reduced consumption corresponds to the (electricity) use for a city with a population of over half a million,” said the official.

Iran launches fresh crackdown on illegal crypto mining

Iran has launched a fresh crackdown on illegal cryptocurrency mining after a recent decision to impose interim shutdowns at authorized bitcoin farms to prevent controversial power blackouts in major cities.

Related: Iran Shuts Down 1,620 Illegal Cryptocurrency Mining Farms

A videos circulating in the social media earlier this week had shown a view to large cryptocurrency farm located in southeastern Iran where tens of thousands of ASICs were operating to mine digital gold. The Energy Ministry halted the supply of electricity to the farm which is owned by a Chinese-Iranian investment company.

Authorities say other authorized bitcoin farms, with a total consumption of 600 MWh, have been switched off to help cope with increasing demand for electricity during a peak in consumption which has been exacerbated by government’s pandemic related stay-at-home orders.

Read also: Will Pakistan Legalize Bitcoin and Crypto Mining?

Facing a cold spell that has caused a major rise in natural gas consumption, Iran is currently struggling to provide enough fuel to power plants to provide for more than 40,000 MWh of demand for electricity.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment