Iranian law enforcement agencies have reported the confiscation of 7,000 cryptocurrency mining devices. This was the largest seizure of equipment from an illegal mining farm in the country.
At the end of May, the Iranian authorities completely banned the mining of cryptocurrencies in the country until September due to a lack of electricity. Moreover, unlicensed mining farms consume almost an order of magnitude more energy than registered ones. However, not all miners have complied with the ban. The confiscated devices were placed in an abandoned factory in western Tehran.
According to the analytical company Elliptic, at the moment the capacity of miners in Iran is about 4.5% of the total capacity of the Bitcoin network. This is not surprising – the country’s authorities have legalized mining, making Iran very attractive to miners due to low electricity prices. The miners sold the mined bitcoins to the Central Bank of Iran, and then the cryptocurrency was used to buy imported goods, bypassing US sanctions.
Earlier, Iranian President Hassan Rouhani stated the need to create a clear legal framework for the control of the cryptocurrency industry in order to protect the interests of citizens and the state.
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