Iran Authorities Shut Down 1620 Illicit Crypto Mines

e_abrams

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Iran recently shut down 1620 illegal cryptocurrency mining operations. For the past year and a half these illegal crypto mines consumed 250 megawatts of electricity. One megawatt equals 1 million watts, which in turn are enough to power 600 to 650 homes.

Apparently these illicit cryptocurrency mines wreaked havoc on the country’s power distributors. The Iranian power distribution/transmission/generating company Tavanir issued a report that detailed the damages done to the industry.

Back in July 2020 the Iranian Vice President, Eshaq Jahangiri, stated that all legal crypto miners should reveal their identities during the registration process of their mine. Many, however,directly opposed the tough regulations and claimed that Iran is deliberately discouraging the industry by imposing high electricity tariffs.
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Such illegal crypto mines do cause a lot of harm, unfortunately. Greed is a powerful motivator.