Iranian Government bursts Two-defunct Factories, Confisticates over 1000 BTC Mining Machines

June 28, 2019 By: Nwabundo Wisdom

Just after a reported crackdown of over 100 miners operating cryptocurrency mining activities in mosques by the Iranian government from a tip off from social media users, the Iranian government has again confisticated over 1000 BTC mining machines from two previously shut-down factories in a report from a source on June 28.

According to the report, the Iranian government earlier in the month of June noticed a 7% increase in the rate of consumption of electricity, which it traced to cryptocurrency mining activities. The Iranian government per today’s report, in its hunt for cryptocurrency mining activities have tracked down and subsequently confisticated over 1000 BTC mining machines from two previously shut-down firms.

These factories were initially discovered by Arash Navab, an electricity official, who in a statement revealed that,

“two of these bitcoin farms have been identified, with a consumption of one megawatt.”

The Iranian government in reaction to this discovery has revealed that it will cease energy supply for cryptocurreny mining activities until new prices are determined. An official at Iran’s Ministry of Energy, Mostafa Rajabi, disclosed that persons engaged in crypto mining activities “will be identified and their electricity will be cut,” as the recent overconsumption of electricity for cryptocurrency mining is detrimental to other consumers.

Meanwhile, the Chinese police had recently discovered evidence of illegal tapping of electricity for cryptocurrency mining via cables laid under fish ponds by suspected crypto miners to steal electricity generated from oil wells in powering their mining hardware.

Recall that the Iranian deputy energy minister, earlier in June, proposed that power consumption for cryptocurrency mining activities be charged in real prices.

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