Iran: immediately closes all illegal mining facilities

Photo by Foroozan Faraji on Unsplash  Electricity has become valuable and soon a kind of luxury.

Around the world, most countries are preparing to enact regulations and laws related to cryptocurrencies.

 Aiming to eliminate crypto mining, Iran seeks to impose stricter laws.

The Iranian government aims to create new regulations that generate newly increased fines for the illegal mining of cryptocurrencies.

Iran only allows authorized crypto-currency mining to ease the country's electricity grid.

Under Iran's new rules, Energy Minister will punish perpetrators by revoking their business licenses or jailing them for repeated violations.

Iran is trying to ban the abuse of electricity.

According to a Tehran Times article, the new strict sanctions will increase the fines by at least 3 to 5 times more.

A government official said Electric companies would ban the use of subsidized electricity for households and industries to extract digital assets.

Industry officials have noticed that the abuse of subsidized electricity has increased. The official raised the issue that these illegal activities cost the electricity supply to the national grid. While fluctuations also damage people's electrical appliances.

In 2019, the Iranian government approved the mining of cryptocurrencies but only in industrial activities. This decision led to an increase in mining throughout the country. Later in early 2020, authorities issued more than 1,000 mining units. In May 2021, ministers even warned of arrears of electricity abuse and said the Energy minister should impose heavy fines.

Photo by Kelly Sikkema on Unsplash

According to the report, there is no separation in the law; violators will have to pay for the damage caused to the grid and the electricity grid.

It is worth noting that the Tehran Stock Exchange was involved in a scandal with crypto-currency mining machines after discovering an illegal Bitcoin mining operation at headquarters.

As expected, the Head officer of the finance minister forced the head of the Iranian stock exchange to resign.