Licensed Crypto Miners in Iran Suffers Power Shut Down

Licensed Crypto Miners in Iran Suffers Power Shut Down

The Iranian Government announces to plug-out the power for cryptocurrency miners due to over consumption of power. Illegal crypto mining affects the licensed digital currency miners.

Unauthorized Crypto Miners consumes more power

Iran worries about crypto mining centers consuming more power. This results in the shortage of electricity faced by other people in the country. The licensed crypto miners, eligible to use 300 MW of power to mine cryptocurrencies. Moreover, this amount of energy is sufficient. It can save power for stable electricity in the country, says spokesman of Iranian Ministry of Energy, Mostafa Rajabi Mashhadi.

Iran’s electric sector maintains a record for licensed crypto miners. This helps them to track that unauthorized crypto miners consume an illegal power supply of 2000 MW. These illicit operations can overload supplier transformers and affect the base of electric networks.

Additionally, Mashhadi warns the unauthorized crypto miners who use household power grids  will be fined heavily. This illegal consumption of electricity causes fluctuations in power supply overloading the transformers.

Iran Suffers from Electricity Shortage

The CEO of Tavanir, Mohammad Hassan Motevalizadeh, points out the factors which cause the imbalance in the system. Major power consumers were crypto miners and natural calamities like low rainfall and high temperatures. As per the Tavanir record, Iran faces a regular scarcity of around 5000 MW of electricity.

Mohammed announces that Tavanir joins other government firms to manage the illegal activities. And power supply shuts down for licensed crypto miners if consumption is peaked. Furthermore, he orders that, only after receiving official license from the government, Iranians can be involved in the practice of cryptocurrency minings

Iran’s Cost-Cutting Measures for Digital Currency Mining

  • Mashhadi appoints vigilant experts to oversee and report any illegal mining and unlicensed usage of electricity.
  • Registered and authorized miners are accessible for crypto mining practices.
  • Tavanir created a new webpage to record the complaints against these issues.
  • Iranians encouraged to share accurate details regarding unauthorized data farms receive a reward.

In recent times, Iran shares an official report that Bitcoin Mining may reach over $1 billion as its profit. Moreover, Iran currently accounts for 4.5% of the total world Bitcoin mining operation.

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A Professional HR with a huge interest in blockchain technology and cryptocurrency. Through her content writing skills, she became a passionate contributor to the crypto space. Being an active crypto enthusiast she is investing her time and experience into the digital sphere.