Iranian government shuts down 1,620 illegal crypto mining farms

According to a report from Financial Tribune, Iranian authorities have shut down 1,620 illegal cryptocurrency mining farms that had used a total of 250 megawatts of electricity over the past 18 months.

The miners were reportedly using electricity from state-run power company Tavanir, whose spokesperson said: “Tavanir strictly deals with unlicensed miners. Those who use subsidized electricity, such as unlicensed miners, will be fined an amount commensurate with the damage they cause to the national grid.”

Illegal mining operations will be disconnected from the national grid and miners will face prosecution.

In July 2019, Iran became one of the first countries to recognize and license cryptocurrency mining as a legal industry. As previously reported by CoinDesk, all cryptocurrency miners must register with the authorities by August 2020.