1,000 Bitcoin miners have been seized in Iran

1,000 Bitcoin miners have been seized in Iran

1,000 Bitcoin miners have been seized in Iran

As per Iranian state media, a spokesperson for Tadvin Electricity Company faulted cryptocurrency miners for a 7% increase in energy consumption in the country.

The Bitcoin-mining machines, which are banned in Iran, have been blamed for a seven percent spike in the country's electricity consumption rate during the month of June.

Every kilowatt of electricity is subsidized by 5,000 rials, worth about four USA cents at unregulated market exchange rates in Iran. Tehran-based crypto startup Areatak was previously reported to be hunting for foreign capital to establish crypto mining sites across Iran, though the practice is illegal.

Iran's Power Ministry is considering enforcing a special tariff on miners in order to mitigate the cost and reduce the burden on power stations, according to Haeri, the deputy minister.

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The report hasn't stated what cryptocurrency was being mined, or for how long the farm had been operating.

"Mining these currencies inside Iran will not only prevent money from leaving the country, it will also create currency under the hard conditions of sanctions", Mohammad Shargi, head of Iran's Bitcoin Society, was quoted as saying by IRNA earlier this month.

Iranians have turned to cryptocurrencies as they seek ways to avert USA government sanctions that limit their ability to access hard currency.

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