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CRYPTOCURRENCY MINING FIRMS SEIZED BY THE AUTHORITIES OF IRAN

  • The authorities in Iran have seized nearly 1,620 mining firms of cryptocurrencies.
  • The firms were reported to be working illegally and were therefore seized. 
  • The authorities announced that the illegal firm’s operations would be stopped, and the miners will be sentenced for prosecution. 

THE START OF CRYPTOCURRENCIES IN IRAN 

One of the first countries to legalize the mining of cryptocurrencies was Iran. It provided legitimate miners with licenses for cryptocurrency mining. The due date for the cryptocurrency miners to authorize and register themselves was 2020, August. The ones who failed to do so were considered as working illegally and have now been raided. Iran had passed a bill in August, which approved and registered cryptocurrency miners under the government body and offered incentives and subsidies to only those miners. 

COMPLAIN FROM A POWER COMPANY SPOKESPERSON

It was Tavanir, a spokesperson of an Iranian power supply company. He used to deliver power to cryptocurrency miners and also to the illegal ones under strict rules. He used to levy fines on any miner who used his power from an unauthorized mining firm. Based on his complaint, the Iran authorities banned the firms, cut all their network from the nation’s grid, and prosecuted them. 

CERTAIN PREVIOUS ANNULMENT OF ILLEGAL MINING IN IRAN.

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In the month of June, Iran had seized over 1000 software of Bitcoin that was running illegally. These unauthorized miners used the electricity and all other power supplies at subsidized rates like other legal cryptocurrency mining firms. They did not possess any valid license and were not deemed firms under the cryptocurrency mining units in Iran. The Minister of Energy had put out a pact where if any of the licensed mining firms would out any of the unauthorized firms, that firm will be awarded 20% of the funds seized from the illegal miners. This announcement led to more illegal crypto mining businesses being brought under the government’s notice, thereby helping the government check its unnecessary losses. 

All these illegal bodies incurred huge losses on the Nation’sNation’s grid due which the government had to take strict measures. The authorities imposed fines on the mines and prosecuted the miners, which helped the government cover some of the losses. It was crystal clear that the Government of Iran was totally against the use of electricity at a subsidized amount by cryptocurrency miners and had added many conditions for the ones who wished to avail the subsidy offer from the government. 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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