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Bitcoin miner regulations in Iran

Bitcoin miner regulations in Iran

If Bitcoin miners operate illegally in Iran, they will face harsher penalties.

Bitcoin miner regulations in Iran, According to a story published by The Tehran Times, Iran’s government is on track to establish more draconian punishments for cryptocurrency mining enterprises that operate illegally.

Unscrupulous offenders, according to Mohammad Khodadadi Bohlouli of the Ministry of Power Generation, may face jail time in addition to substantially larger fines. It is illegal for mining activities to use electricity meant for residential and industrial customers.

Crypto mining that is not authorized puts extra strain on the national grid. Iran’s infrastructure has deteriorated as a result of decades of US sanctions.

Iran banned cryptocurrency mining for the second time in 2021 in December. During the winter, the action was intended to avoid blackouts caused by increased energy usage while also freeing up power for families and commercial subscribers.

Iranian government: Bitcoin miner regulations in Iran

The Iranian authorities had previously issued a four-month ban on bitcoin mining in May. In September, it was temporarily lifted.

The Tehran Stock Exchange has been embroiled in a cryptocurrency crisis after an illegal Bitcoin mining operation was discovered at its offices, according to U.Today. Due to reaction, the head of the exchange had to resign.

Last June, Iran seized 7,000 Bitcoin mining machines from an abandoned factory that were being used to mine Bitcoin illegally.

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