• Mon. Apr 22nd, 2024

Large Fines to be paid by Iranian Miners Using Household Energy



May 15, 2021

It was the beginning of the year 2021 when the cryptocurrency industry was blossoming all over the world. Amidst all the developments and success in the cryptocurrency industry, Iran was fighting the energy crisis. The country was experiencing some of the worst electricity blackouts due to the shortage of electricity production.

Another major problem that Iran faced was the shortage of gas and high-quality oil. Due to the shortage, the country had to resort to low-quality fuel and coal in order to meet the electricity consumption requirements.

Therefore, the power plants working to produce electricity through low-quality fuels ended up emitting piles of carbon, thus, covering the majority of the Iranian cities with smog.

Initially, the government of Iran was confused as to what was causing such a shortage. Upon investigation and thorough research, it was established that the locals in Iran were the main cause behind the electricity shortage.

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The Iranian government established that the locals in Iran were using household electricity in order to run mine cryptocurrencies. In the past couple of years, the trend of mining Bitcoin (BTC) has been at its peak. On one side, it is good for the nation to have an alternative on their tables to keep the economy going amidst the sanctions.

However, the situation did not turn out to be in Iran’s favor, as the country had to face mass electricity crises/shortages. On top of that, Iran has already run out of high-quality oil and gas reserves that has made the situation even worse for the country.

Therefore, the government of Iran sought the support of the local law enforcement authorities. Once the Iranian local authorities were on board, the next course of action was raids and crackdowns against illegal miners.

The government targeted the mining farms that were using household electricity to mine Bitcoin (BTC). By carrying out extensive crackdowns, the country was finally able to control its energy crisis situation.

Even now, the government of Iran is on high alert and is closely monitoring any movement or unusual activities in the cryptocurrency sector. Although the situation is now under control, yet the Iranian government wants to put an end to this problem completely.

Therefore, the government of Iran has planned to launch new measures against the cryptocurrency miners mining cryptocurrencies from their homes.

The Iranian Ministry of Energy has recently made it official that the usage of household electricity for crypto-mining purposes is considered illegal. Therefore, any individual or group of people would be treated the same if found breaching the law.

If any person or persons are found using household electricity to mine cryptocurrencies, they will be penalized and have to pay heavy fines.


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