Iran Confiscates 7,000 BTC Mining Machines

Iranian authorities have confiscated about 7,000 cryptocurrency mining machines. The latest development is in line with Iran’s crackdown on illegal bitcoin mining activities.

• According to Reuters on Tuesday (June 22, 2021), General Hossein Rahimi, Tehran police chief, revealed that the computer miners were found at an abandoned factory in Iran’s capital, which was used to carry out illegal cryptocurrency mining activities.
• The latest seizure is the largest ever carried out by Iranian authorities. Back in January, the Iranian government confiscated over 1,500 unlicensed crypto mining farms. In the same month, authorities seized 45,000 bitcoin mining rigs.
• Iran’s cheap electricity has seen an influx of bitcoin miners to the country. A study by Elliptic, a blockchain and crypto analytic firm, showed that Iran accounts for over 4% of bitcoin mining.
• However, the government seems to have come down hard on the bitcoin mining sector, with various operations targeted at illegal BTC miners. According to Iran, bitcoin mining activities allegedly affected the country’s electricity supply.
• As reported by CryptoPotato in May, the Iranian government placed a temporary ban on BTC mining untill September 2021. The country earlier stated that it would fine miners using household electricity for bitcoin mining.
• While Iran is clamping down on illegal bitcoin mining activities, China is carrying out a nationwide crackdown on the sector. Regions like Xinjiang, Mongolia, Qinghai, and Yunnan have issued notices for miners to shut down operations.
• The clampdown on Chinese bitcoin miners has consequently led to a sharp drop in hashrate by nearly 50%.