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    Long and Short Positions in Crypto Explained for Beginners

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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Home Mining

Iran offers $20 to report on shady crypto miners amid ongoing power crisis

August 14, 2024
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Iran offers $20 to report on shady crypto miners amid ongoing power crisis
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Iran has started offering $20 rewards to report illegal crypto miners amid severe power shortages disrupting the country’s electricity grid.

READ ALSO

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Iran is now offering rewards of $20 to the public for reporting illegal crypto mining activities as the country faces severe power shortages exacerbated by an intense heatwave and energy crisis.

According to an Iran International report, Iranian authorities have introduced a reward of around $20 for reports of illegal crypto mining equipment in a move that is expected to curb the impact of unregulated activities, which have significantly disrupted the national power grid.

The report notes that Iran is experiencing its most severe heatwave in 50 years, leading to widespread power outages and a strain on industrial production. The head of Iran’s state electricity company, Tavanir, Mostafa Rajabi Mashhadi, has highlighted that unauthorized mining operations are further straining the already overstretched power infrastructure.

“Opportunistic individuals have been exploiting subsidized electricity and public networks to mine cryptocurrencies without proper authorization. This unauthorized mining has led to an abnormal surge in electricity consumption, causing significant disruptions and problems within the country’s power grid.”

Mostafa Rajabi Mashhadi

You might also like: Iran to start public pilot for digital currency on Kish Island

Mashhadi noted that more than 230,000 illegal mining devices, consuming 800 to 900 MW of electricity, have been identified so far, adding that the electricity consumption from these devices equates to that of the Markazi Province and would require the construction of a new 1,300-MW power plant to replace.

See also  Bitcoin Miner Cleanspark’s Net Income Tops $126.7 Million in ‘Record-Breaking’ Quarter

In addition to these measures, Iranian intelligence services also targeted over 9,000 accounts belonging to 454 individuals involved in illicit trading since 2022, the report notes.

In early May, U.S. senators Elizabeth Warren and Angus King called for a detailed investigation into potential connections between Iranian crypto mining and the bypassing of U.S. sanctions. They allege that mined crypto may be used to bypass sanctions and for funding terrorist groups like Hezbollah as well as contributing to Iran’s military actions.

Read more: OFAC sanctions entities behind Iran’s digital currency program

Tags: CrisisCryptoIranMinersOffersOngoingPowerReportshady

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