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.
Updated Sep 14, 2021 at 12:59 p.m. UTC
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/J26V3PO5UZADVLV6RJT344NF3Q.jpg )
Azadi Tower Tehran Iran
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.
DISCLOSURE
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.
Trending
1
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PBTNNYFLZZCW7G5UVBDZH745NY.jpg )
2
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LIACCVBGX5GY7IYR4QQCBIZ3O4.jpg )
Advisors Can’t Avoid DeFi
Sep 17, 2021
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2LMK33LP7ZEMNISFGROB5S33YM.png )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/V24QUFA74ZBZ5H544LMZL7AIJM.jpg )
