NEW!Incredible offer for our exclusive subscribers! Read More

Home Crypto Mining Will Lead to ‘Heavy Fine:’ Reports Iran Energy Ministry

1 Mins read

Cryptocurrency miners using household electricity in Iran will face a “heavy fine,” according to Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, per the Tehran Times .


Rajabi added that cryptocurrency mining is one of the two biggest threats to Iran’s electricity supply this year—alongside a reduction in power coming from hydropower plants due to a lack of rain.

Amidst these concerns, the Iranian government is cracking down on unauthorized mining that takes place using household electricity. The mining industry is heavily reliant on Iran’s power grid, and thus it places heavy demands on the national power supply. Rajabi also added the practice may even cause blackouts across the country.

In addition to the “heavy fine” facing miners using household electricity, those caught by the government will also be made to compensate for the damages they cause to the country’s electricity supply.

The move is the latest in a long line of steps taken to control the cryptocurrency mining industry in Iran.

Crypto mining in Iran

Iran legalized industrial cryptocurrency mining in 2019. At that time, Irani ministers said the industry could pull in over $8.5 billion a year.

Iran Central Bank Bans Trading of Foreign-mined Bitcoin The Central Bank of Iran (CBI) has prohibited the trading of Bitcoin and other cryptocurrencies mined outside the country, according to a report from news outlet Iran International. At first g… News Coins Jeff Benson

By October of last year, the industry had boomed to such a height that even the Central Bank of Iran put forward new regulations that directed the proceeds of Iranian-mined Bitcoin into government funds so Iran would be able to finance imports.

But despite the country’s embrace of Bitcoin mining, Iran has consistently struggled with balancing the industry’s needs with the country’s wider electricity demands.

Iran’s initial crypto mining legislation prohibited miners from operating during peak electricity hours, and mining using subsidized energy has never been allowed by the government.

Related posts
AltcoinsBTCBusinessCryptoETHMiningNewsOtherStock collaborates with to offer Crypto services for its users

1 Mins read has collaborated with to give crypto gamblers with a top-tier exchange where they can deposit, sell, and even convert Crypto…
AltcoinsBTCBusinessCryptoETHOther staking platform with the best percentages or is it a temporary phenomenon?

1 Mins read
As it became known, tradex-wallet announced the announcement of a new staking program, rewards and large payouts for staking, the platform raffles…

Cryptwex & 15 More Crypto Exchanges Face Ire of South

2 Mins read
Sixteen international crypto exchanges. Including and the Mexican heavyweight MEXC. Have landed in hot water with financial regulators. For failing to comply with local guidelines….
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *