The Iranian authorities will enhance penalties for using backed power in crypto mining. The transfer marks one other step within the tightening of mining regulation within the nation that had confronted power shortages in recent times.
On April 16, the Tehran Occasions reported, citing the nation’s Energy Era, Distribution, and Transmission firm, that the federal government plans to drastically enhance the fines charges for the mining operators who use backed electrical energy. The corporate’s consultant Mohammad Khodadadi Bohlouli specified:
“Any use of backed electrical energy, supposed for households, industrial, agricultural and industrial subscribers, for mining cryptocurrency is prohibited.”
Based on Bohlouli, the fines for using backed power in mining will rise by a minimal of three and a most of 5 instances. A repeated violation may result in revocation of a enterprise’ license and even imprisonment of the offender.
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Cryptocurrency mining operations in Iran are authorized and topic to a licensing course of since 2019. As of January 2020, the Ministry of Trade, Mining and Commerce had issued over 1,000 mining licenses. Attributable to some main challenges to the nation’s power grid, reminiscent of drought and diminished rainfall, in Could 2021 Iran’s President Hasan Rouhani introduced a brief moratorium on crypto mining. This cycle repeated itself when the moratorium had been lifted in September 2021 solely to be reinstated in December.
Because the Iranian power ministry’s spokesman Mostafa Rajabi Mashhadi said in Could 2021, saying fines for using backed power, unauthorized mining of cryptocurrencies “creates issues in supplying electrical energy as a result of harm to the native energy grid and transformers.”
