Iranian cryptocurrency regulations are very harsh for Bitcoin and other cryptocurrency miners and as of now, the Iranian government has been acting against the mining of cryptocurrencies for three months.
Iranian cryptocurrency miners are working under the fear of regulations as the Iranian authorities are yet to approve mining licenses.
Amidst such harsh Iranian cryptocurrency regulations, crypto miners have had their mining equipment sealed or taken away along with the proposals of hefty fines, while some may even be jailed.
Harsh Iranian cryptocurrency regulations
It has been estimated by local miners that the government may have taken away up to eighty thousand (80,000) mining tools in the previous four months. The government has caused various households to shutdown their sources of income, by putting a stop to industrial level crypto mining farms.
It has been reported that several jailed bitcoin miners have surrendered the contracts to their houses just so that they’d be bailed out of jail, since the hefty fines that scale from two thousand dollars ($2,000) to five thousand dollars ($5,000) for a single mining device. These fines amount to more than the Bitcoiners’ annual incomes.
It is reported that the Iranian authorities have been imposing fines concerning electricity charges that often amount to four times the real cost of electricity used to run the mining equipment.
The electricity power charges of cryptocurrency mining are still not established in Iran.
Illicitly Imported Mining Devices
The authorities have been closing down mining farms in certain areas of the country, imposing fines on the “smuggled” mining devices, while locals suggest that most computers and even luxury products are in fact smuggled.
The government’s severe and unclear policies against crypto mining are discouraging and damaging for the bitcoin mining community of Iran.
According to a survey, forty percent (40%) of Iranian bitcoin miners consider the absence of unambiguous regulations, their primitive obstruction towards bitcoin mining.
While Iranian miners are reporting that, the police would fine people for carrying smuggled equipment if they were found transporting mining devices in their cars.
Currently, the Iranian bitcoin mining industry is experiencing a downfall owing to the harsh Iranian cryptocurrency regulations. With many miners subject to hefty fines and pending court cases while their mining devices have been sealed or taken away by the governing authorities.
Numerous Iranian miners tend to steal electricity for mining purposes. The miners in Iran want the government to realize the vitality of mining bitcoin and hopes that the country will soon develop into a center for cryptocurrency mining operations, or else they will have to sell or throw away their mining equipment.