Read

Iran has started offering $20 rewards to report illegal crypto miners amid severe power shortages disrupting the country’s electricity grid. 
<a href="https://crypto.news/tag/iran/" target="_blank" rel="noreferrer noopener">Iran</a> is now offering rewards of $20 to the public for reporting illegal crypto <a href="https://crypto.news/tag/mining/" target="_blank" rel="noreferrer noopener">mining</a> activities as the country faces severe power shortages exacerbated by an intense heatwave and energy crisis. 
According to an Iran International <a href="https://www.iranintl.com/en/202408135616" target="_blank" rel="">report</a>, Iranian authorities have introduced a reward of around $20 for reports of illegal crypto mining equipment in a move that is expected to curb the impact of unregulated activities, which have significantly disrupted the national power grid. 
The report notes that Iran is experiencing its most severe heatwave in 50 years, leading to widespread power outages and a strain on industrial production. The head of Iran’s state electricity company, Tavanir, Mostafa Rajabi Mashhadi, has highlighted that unauthorized mining operations are further straining the already overstretched power infrastructure. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Opportunistic individuals have been exploiting subsidized electricity and public networks to mine cryptocurrencies without proper authorization. This unauthorized mining has led to an abnormal surge in electricity consumption, causing significant disruptions and problems within the country’s power grid.” 
 Mostafa Rajabi Mashhadi 
</blockquote> 
 You might also like: <a href="https://crypto.news/iran-to-start-public-pilot-for-digital-currency-on-kish-island/"> Iran to start public pilot for digital currency on Kish Island </a> 
Mashhadi noted that more than 230,000 illegal mining devices, consuming 800 to 900 MW of electricity, have been identified so far, adding that the electricity consumption from these devices equates to that of the Markazi Province and would require the construction of a new 1,300-MW power plant to replace. 
In addition to these measures, Iranian intelligence services also targeted over 9,000 accounts belonging to 454 individuals involved in illicit trading since 2022, the report notes. 
In early May, U.S. senators Elizabeth Warren and Angus King <a href="https://crypto.news/us-senators-cite-security-concerns-over-irans-crypto-mining-sector/" target="_blank" rel="noreferrer noopener">called</a> for a detailed investigation into potential connections between Iranian crypto mining and the bypassing of U.S. sanctions. They allege that mined crypto may be used to <a href="https://crypto.news/iran-launching-a-state-backed-cryptocurrency-to-avoid-u-s-sanctions/" target="_blank" rel="noreferrer noopener">bypass</a> sanctions and for funding terrorist groups like Hezbollah as well as contributing to Iran’s military actions. 
 Read more: <a href="https://crypto.news/ofac-sanctions-entities-behind-irans-digital-currency-program/"> OFAC sanctions entities behind Iran’s digital currency program </a>

Iran offers $20 to report on shady crypto miners amid ongoing power crisis

crypto.news

Other articles published on Aug 14, 2024

Crypto’s Bear Market Casualties: Top 15 Coins Down from All-Time Highs

Bybit unveils new listing framework to elevate crypto market standards

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Michael Saylor's MicroStrategy Plans to Raise $2B to Buy More Bitcoin

London-Based Capula Investment Reveals $464M in Bitcoin ETFs

Dogecoin (DOGE) Traders Shift to RCO Finance (RCOF) as the Bitcoin Price Breaks To The Downside

Join our free newsletter for daily crypto updates!