More than 1,000 Illegal Mining Farms Shut Down in Iran

Reporting crypto miners working without a license is now a paying job in Iran.

Tavanir, the power company of Iran, now depends on the help of whistleblowers to cub power wastages by illegal mining farms.  Through their efforts, more than 1,000 illegal crypto miners have been caught.

Tavanir was prepared to subsidize electricity to miners with license but their supply signifies that more than what they planned was actually consumed. But it would be difficult for Tavanir to know if there are actually illegal miners just by calculating the amount of electricity supplied so it has become imperative to employ whistleblowers.

And the pay is quite huge. Just for disclosing an illegal miner to the authorities, that individual automatically becomes 100 million rials ($480) richer.

Iran has started making plans to provide Bitcoin miners with electricity from large-scale power plants.

In Iran, it is not illegal to mine cryptocurrencies provided the Ministry of Industry, Mines, and Trade knows certain details about the person and his business. For instance, the ministry demands to know the size of the farm and the kind of hardware that is used. They don’t want people importing hardware through the backdoor. The rule applies to both individuals and companies mining cryptocurrencies.

Illegal crypto miners are almost at a risk of losing everything they have if caught. The fine payable is between $2,000 and $5,000 and apart from that, those using cheap electricity meant for licensed miners will pay $20,000 per hardware they have.

Notwithstanding, Iran supports crypto miners and even those that are not natives still do well in the country. This is why iMiners decided to settle there with its 6,000 rigs as approved by the Ministry of Industry, Mine, and Trade. It is one of the biggest companies doing marvelously well in Iran.

Crypto mining became legal in Iran since July last year. Since then, more than 1,000 miners have been registered by the government.

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