Monday, June 5, 2023

Iran Doubled Down On The War Against Illegal Crypto Mining

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Iran doubled down on the war against illegal crypto mining and plans to increase the sanctions on the illicit miners as some can even face imprisonment so let’s find out more in our latest cryptocurrency news.

Iran doubled down on the war on crypto mining and the government will impose harsher penalties on the illegal miners as some operators can even go to jail. Before that, the officials even banned all digital asset mining endeavors in the winter season and claimed that they can reduce the pressure on the nation’s electricity network in the coldest months of the year. The government of the Asian country is known for its negative stance on crypto mining but last May, it halted the activities for a period of four months saying miners can cause some bigger disruption to the energy systems. During the ban, the authorities confiscated thousands of mining rigs and even seized 7000 such machines in one operation.

Despite allowing legal miners to resume the operations from September, the Ministry of Energy suspended the activity at the end of 2021 and the ruling body maintained a similar position with mining overloading the electricity network and it has to be prohibited. With the temperatures rising in March, the government revealed intentions to remove the ban, and the Ministry of Industry, Mine and Trade said it will permit the enterprises that use renewable energy sources to power the supercomputers.

Mining Difficulty Of Bitcoin, hash rate, btc, china

The reports from the Tehran times disclosed the sanctions for the ones operating without authorization or using a different type of energy, the aforementioned can be quite severe. The government plans to increase the fines by a minimum of three and five times and even send the miners to jail. The Tavanir executive Mohammad Bohlouli noted:

“Any use of subsidized electricity, intended for households, industrial, agricultural, and commercial subscribers, for mining cryptocurrency is prohibited.”

Similar to other warnings, the official claimed that misusing subsidized electricity to mine the crypto assets reduces the quality of the energy supply in the national grid and damages people’s electrical appliances. It is also worth noting how the BTC miner in terms of global hash rate like Kazakhstan treats the mining sector. Last week, the country’s authorities even disclosed intentions to tax miners depending on the valuation of the primary digital asset. The vice-minister of National Economy Alibek Kuantyrov noted:

“We are considering increasing the tax burden for miners, at the moment we are also considering linking the tax rate for miners to the value of the cryptocurrency. If the cryptocurrency grows, it will be good for the budget.”

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