Iran cracks down on illegal Bitcoin miners, awards whistleblowers

Iran cracks down on illegal Bitcoin miners awards whistleblowers

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Iran’s electricity-producing and distributing company Tavanir has cracked down on illegal Bitcoin miners in the country shutting down 1,100 mining farms in the country.

Speaking to local news outlet Fars News Agency, Tavanir’s deputy head stated that the people had installed mining rigs on industrial and agricultural units to avoid detection.

Iran cracks down on illegal Bitcoin miners.

Iran authorized Bitcoin mining last year; however, high power tariffs hindered people in generating high revenue through the sector. As such, some people have started operating mining rigs and illegal mining operations without registering the operations.

This way the people continue to mine Bitcoin using cheaper electricity at the cost of the nation. Furthermore, the malicious actors have made it difficult for Tavanir to detect them by operating in already power-intensive locations. These include industrial and agricultural units.

Mashhadi noted that these methods enable the illegal Bitcoin miners to obfuscate their mining operations. Because the unit is already consuming high levels of electricity, the energy consumption of a Bitcoin mining rig can be easily disguised.

Despite facing such difficulties, Tavanir has shut down more than 1,000 illegal mining operations in the country.

The country has issued 624 mining farm permits and attracted investments from many countries, including Ukraine and China, due to its cheap electricity rates.

According to a report, the nation offers electricity to mining farms at 4,800 rials ($0.01) per kilowatt-hour. However, prices increase by four times to 19,300 rials ($0.05) during the peak summer season.

Whistleblowers are being awarded.

Tavanir offers people the chance to earn rewards by reporting illegal crypto mining operations. The rewards include 100 million rials ($2,375) for cooperating with authorities in identifying the illegal Bitcoin miners..

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Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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