Iranian government blows hot on unauthorized miners using household electricity to mine crypto.
The West Asian country that has been battling power issues is beginning to closely monitor the activities of crypto miners using the energy provided for citizens to mine cryptocurrencies without governmental approval. Iran is initiating novel methods to battle the home miners.
Tehran Times have reported that a spokesperson Mostafa Rajabi, representing the nation’s Ministry of Energy has said that discovered home miners would be made to pay heavy fines because of the illegal use of household electricity for their activities.
According to Rajabi, the government is taking active measures to address the issues of short power supply in the nation as a result of foreign sanctions on diminishing hydroelectricity production and hydrocarbons due to the little amount of rainfall in the country.
The official further stated that the discovered crypto miners alongside paying the fines will also be compelled to provide compensation for the potential damages that occurs on the power network.
Iran’s Electricity Issues and Cryptocurrency
The Iranian government is concerned about its power issues and seeks to get it over with. The illegal activities of miners cause damages to the local power grids in the cities, which ultimately leads to a blackout as 87 percent of mining activities in Iran are reported to be performed without authorization.
In 2018, the Supreme Cyberspace Council of Iran through its Secretary stated that several ministries in the country have accepted the activities involved in crypto mining as an industry, leading the Iranian government to approve the activities of miners in the country. The activities of miners are expected to be licensed and regulated by the authorities in respect to electricity.
The government also went further to permit banks and most financial institutions including foreign exchange bureaus to accept cryptocurrency as payment for imports to reduce the US sanctions imposed on the nation.