Iran Uncovers 6,914 Illegal Crypto Mining Farms

Iran’s law enforcement authorities have identified and shut down a total of 6,914 illegal crypto mining farms since 2020.

The country’s authorities legalized digital asset mining in 2019, while the Ministry of Industry started issuing licenses for virtual currency mining. 

According to these licenses, registered companies must pay high electricity fees, which is the reason why many of them prefer to operate underground.

Local publication Iribnews has reported the discovered illegal mining farms consumed 645 megawatts, the same amount of electricity consumed by the three largest regions of the country for the whole year.

In this regard, the energy company Tavanir has confiscated hundreds of thousands of illegal mining equipment.

The country’s authorities intend to toughen fines for illegal mining of cryptocurrencies. According to the new rules, which will be adopted this year, violators will face criminal liability. In addition, the amount of penalties will be multiplied by at least three times.