Iran imposes stricter penalties for illegal cryptocurrency mining

Iranian authorities have increased fines for illegal mining of cryptocurrencies using subsidized electricity and introduced prison sentences for repeat offenders. Tehran Times writes about this with reference to a representative of the Ministry of Energy.

According to officials, the activity of the miners creates problems with the supply of electricity, contributes to the deterioration of the power grid and can lead to damage to the devices of ordinary users.

The new rules also suggest that violators may have their licenses for activities related to the extraction of digital currencies revoked. In addition, such entities will be obliged to compensate the damage they caused to the power grid.

Iran periodically imposes restrictions on cryptocurrency mining. In May 2021, President Hassan Rouhani announced a temporary ban on the mining of cryptocurrencies due to a shortage of electricity. Licensed enterprises were allowed to resume work in the autumn.

In December of the same year, the state energy holding Tavanir demanded that authorized miners suspend their work.

Forty years of sanctions: how Iran’s economy works

Recall that Elliptic analysts said that the cryptocurrency allows Iran to bypass sanctions and buy imported goods.



Wow this is crazy especially if this is how just a average miner feeds his family. The shift of mining over the past year has changed so much!

Where are the key Bitcoin mining hotspots and what is the industry’s future?

US fills China’s shoes

Many countries have decided to not just ban Bitcoin mining but outlaw cryptocurrency altogether, including Algeria, Bangladesh, Egypt, Iraq, Morocco, Oman, Qatar, Tunisia and, most notably, China. When China banned cryptocurrency in September 2021, the global hashrate – the level of computing power contributed to a network through Bitcoin mining – and the Bitcoin mining map shifted significantly.

Which countries are key location for Bitcoin mining? Investment Monitor.

Not that long ago it was all China.

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