Iran is aggressively cracking down on illegal cryptocurrency mining as the nation faces a severe power crisis exacerbated by an intense heatwave. Iranian authorities claim that unauthorized crypto mining has significantly strained Iran’s power grid, leading to widespread industrial disruptions. A bounty program has been launched to encourage citizens to report illegal mining operations.
Iran Intensifies Crackdown on Illegal Cryptocurrency Mining Amid Power Crisis
Iranian authorities are ramping up efforts to combat illegal cryptocurrency mining, blaming it for worsening the country’s severe power crisis. Amid the most intense heatwave in five decades, Iran is grappling with widespread power outages that have crippled industrial production.
Mostafa Rajabi Mashhadi, CEO of Iran’s state electricity company Tavanir, explained that unauthorized crypto mining has placed additional strain on the already overburdened power grid. Highlighting the detrimental impact on the nation’s electricity supply, Mashhadi was quoted by Iran International publication as saying:
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,” he added.
To tackle the issue, Iranian officials have introduced a bounty program to incentivize citizens to report illegal mining operations. Mashhadi detailed:
A bounty of one million toman (approximately $20) will be awarded to individuals who report every single unauthorized cryptocurrency mining equipment.
So far, authorities have confiscated over 230,000 illegal mining devices, which collectively consumed as much electricity as the entire Markazi Province. The crackdown reflects growing concerns about the role of cryptocurrency in undermining Iran’s infrastructure, especially as reports suggest that well-connected networks and foreign entities, including Chinese companies, may be behind large-scale mining operations.
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Source: Bitcoin
