Iran Enlists Its Intelligence Agency to Crack Down on Illegal Crypto Mining

The Iranian government is attempting to trace illegal crypto-mining operations to reduce the strain on the country’s electricity supply.

AccessTimeIconMay 21, 2021 at 8:17 a.m. UTC
Updated Sep 14, 2021 at 12:59 p.m. UTC

Iran has turned to its intelligence agency to crack down on illegal crypto miners.

  • The Ministry of Intelligence has been involved in setting up committees to locate and seize mining farms operating without a license, Bloomberg reported Friday, citing the state-run Iranian Students’ News Agency.
  • Iran has attempted to use crypto mining to boost its sanction-hit economy, a move that’s placed considerable strain on the country’s power grid. The hit has been exacerbated this year due to reduced rainfall limiting the supply of hydroelectricity.
  • Miners who use household electricity for their operations will face heavy fines and even have to pay for damages caused to the electricity network, the Tehran Times reported earlier this week.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.