Iran Authorities offer Bounty over Illicit Crypto-Mining Activities (Word count below 300)

Mary Brendah by Mary Brendah - 10:24 AM Nov 15, 2019
iran-authorities-offer-bounty-over-illicit-crypto-mining-activities-word-count-below-300

 The Iran authorities have announced a bounty; to anyone who exposes illegal cryptocurrency mining activities in the country; and also finalised on new power tariffs for crypto miners.

During an interview with a local news outlet,IRIB News, a spokesman of the Energy Ministry announced that the bounty program whilst illustrating the new electricity pricing mechanism for miners.

Moreover, Mostafa Rajabi, the spokesman,said on November 13 that people who expose illegal mining operations; using subsidized electricity will receive 20% of the damage recoveries. Additionally, Rajabi told reporters that the new regulations ban miners from mining off the national grid; during the peak hours of electricity consumption.

In addition, Rajabi claimed that 9,650 rials ($0.29) per kilowatt-hour will be the average price of power for miners, as it is for the export of electricity. He added that the price would be about half of that during cold months; and four times as much during warm months; when electricity consumption increases due to the hot weather.

 

Illegal Mining Crackdown


Furthermore, the new regulations in the cryptocurrency sector follow the crackdown of illegal mining in the country. Back in August, Iranian provincial police arrested an individual for smuggling cryptocurrency mining machines into the country. The country is increasingly regulating cryptocurrency mining; having announced the possibility of an annual register of cryptocurrency mining operations back in September.

Moving foward, per the report, businesses that set up their own power plants for cryptocurrency miners; and meet the country’s mining regulations; will be given incentives by the government. The national grid will be used to give support to these firms when renewable energy levels drop.

In conclusion, back in July, there were reports that the Economic Commission of Iran has finalized power tariffs for cryptocurrency miners, based on similar tariffs used for electricity exports. Using subsidized energy has previously put pressure on Iran’s national grid, causing a 7% increase in energy consumption in the country. Iranian authorities recently captured around 1,000 bitcoin mining machines from two former factories, following the  increase in electricity consumption.

 

 

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

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