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Police in Iran have reportedly seized 45,000 bitcoin mining rigs for illegally using subsidized electricity from the state-owned power utility Tavanir, the local Tasmin News Agency reported this week. According to Mohammad Hassan Motavalizadeh, head of Tavanir, the efficient application-specific integrated circuit (ASIC) bitcoin miners had been consuming 95 megawatts (MW) per hour of electricity […]Powered by WPeMatico
Mining for Bitcoin may be contributing to “thick layers of toxic smog” and blackouts across many Iranian cities.
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Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high. 1,620 Crypto Mining Farms Shut Down in Iran Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since […]
The post Iran Shuts Down 1,620 Cryptocurrency Mining Farms appeared first on Bitcoin News.
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Venezuela President Nicolás Maduro claims the country will “use all the cryptocurrencies in the world” to bypass U.S. sanctions.
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Iran has granted bitcoin miners exclusive access to electricity generated from three power plants for their mining activities, according to state power utility Thermal Power Plant Holding Company (TPPH). Mohsen Tarztalab, managing director of TPPH, told a local news agency on Monday that the “necessary equipment has been installed in three power plants of Ramin, […]
The post Iran Grants Bitcoin Miners Exclusive Access To Electricity From Three Power Plants appeared first on Bitcoin News.
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It seems that the private sector is not satisfied with the country’s local fiat money.
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China is not the only country that wants control of this highly coveted industry.
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The SHA256 hashrate that secures the Bitcoin network has grown massively during the last few years, as Bitcoin’s processing power has touched all-time highs in 2020. Moreover, the gigawatts of electrical consumption powering industrial bitcoin mining today consumes as much as seven nuclear power plants. Bitcoin mining is a process where groups of miners compete […]
The post The Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power appeared first on Bitcoin News.
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Iran is rewarding people who turn in crypto miners operating without a license.
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Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) has reportedly shut down 1,100 illegal bitcoin mining farms in the country, local media reported. Whistle-blowers tipped off authorities on unauthorized miners following a July announcement of rewards including 100 million rials (about $2,400). Tavanir deputy head Mostafa Rajabi Mashhadi told Fars News Agency that the blitz […]
The post Iran Shuts Down 1,100 Illegal Bitcoin Miners; Whistleblowers Rewarded $2,400 appeared first on Bitcoin News.
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