Iran seizes 7,000 Bitcoin mining machines – mining Bitcoin News

Iranian police have reportedly seized 7,000 Bitcoin mining machines that are operating illegally in the country. The machines were found in an abandoned factory west of the capital.

  • 7,000 cryptocurrency mining machines have been seized by Iranian authorities, state news agency IRNA reported on Tuesday, noting that this is the largest seizure of cryptocurrency mining machines in Iran to date.
  • Tehran’s police chief General Hossein Rahimi said the mining machines were confiscated from an illegal mining farm – an abandoned factory west of the capital.
  • Cryptocurrency mining is an authorized activity in Iran and miners must obtain a license from the country’s Ministry of Industry, Mining and Trade. However, the authorities claim that many miners are working in Iran without obtaining a license.
  • Analysis by blockchain analytics firm Elliptic shows that roughly 4.5% of all bitcoin mining occurs in Iran and the country uses cryptocurrency to evade sanctions. Additionally, Elliptic stated that crypto mining would require around 10 million barrels of crude oil, or 4% of total Iranian oil exports, in 2020.

  • Iran has mandated that Bitcoin miners must sell their BTC directly to the central bank, which is then used to fund imports. Commercial banks and currency exchangers have also been authorized to use bitcoins legally mined in the country to pay for imports.
  • Mining of cryptocurrencies, including Bitcoin, was banned in Iran for nearly four months in May as the country suffered frequent power outages in hot and dry weather. Some officials blamed Bitcoin mining activities for the surge in electricity demand.
  • Earlier this month, Bitcoin.com News reported that Iran confiscated 3,000 Bitcoin mining devices in one week. In addition, over 500 devices have been seized in Tehran Province, where law enforcement agencies closed 183 illegal crypto mining farms with 11,000 mining units in the past fiscal year.

What do you think of Iran confiscating unauthorized mining equipment? Let us know in the comments section below.

Tags in this story

Bitcoin Mining Farms, Central Bank, Crypto Regulation, Illegal Mining Farms, Iran, Iran Bitcoin Mining, Iran Mining, Iranian Bitcoin Mining, Miners Seized, Mining Machines Seized, Bitcoin Mining

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