Shame on Crypto Community! Illegal Electricity Consumption by Crypto Miners in Iran

Iranian Energy Ministry claims crypto miners been consuming 300 MEGAWATT Electricity illegally. Robbers!

  • Illegal consumption of electricity of more than 300-megawatt have been reported by the Iranian Energy Ministry
  • The cheap electricity rate of the country was cited as the potential reason behind the scrupulous activity by Mostafa Rajabi Mashhadi, the spokesperson for the Electricity Industry
  • Mashhadi has ensured legal confrontation along with a demand for compensation from the involved miners; rewards for help in the identification process have been announced 

The Ministry of Energy represents the administrator that regulates and implements policies applicable to electricity, energy, water and wastewater services. The headquarters in Iran recently reported an inappropriate activity under its area. The Spokesman for Electricity Industry under the Iranian Energy Ministry claimed that the Cryptocurrency miners had been illegally consuming more than 300-megawatt electricity and cited an IRNA report.

Mostafa Rajabi Mashhadi’s statement on the respective episode

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Mostafa Rajabi Mashhadi, the Iranian Energy Ministry’sMinistry’s Spokesman for the Electricity Industry, commented on the incident while explaining the possible reason behind this dishonourable act. He argued that the country’s cheap electricity rate ended up increasing interest of the cryptocurrency miners. 

Mashhadi further suggested that the price of Bitcoin has increased from $8,000 to the current figure of $30,000. Aforementioned implies direct increase in the number of miners, and hence, the volume of electricity consumption is bound to rise. 

The consequences of the deceitful activity

Mashhadi explained the possible plan of action that the ministry is planning to implement in response to this entire episode. There was a clear hint at how the ministry will identify the illegal electricity consumers and confront them legally. Besides, there will be a tense confrontation with the centers of mining that consume electricity illegally in addition to paying the electricity charges that were not assigned for cryptocurrency mining.

He also added that in the respective situation of recognising illegal cryptocurrency miners’ centres, there would be a cutdown on their power circuit and a charge levied on the individuals who violated the regulations. Compensation for damages wrecked on the power network would be claimed from them. 

Mashhadi concluded his statement by bringing forward the exact status in the process as mentioned above of identification. To be precise, he claimed that the number of illegal centers identified so far that consumed 250 megawatts were 1,620. The major highlight remains that they offer a reward worth 100 million rials (about $2,300) to the individuals who would help by reporting these illegal centers.

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Ritika Sharma
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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