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A large number of cryptocurrency miners in Iran have been arrested, and are believed to be related to crypto mining.
The Iranian police have arrested an estimated 7000 people after discovering that they had been illegally using the country’s energy network to mine cryptocurrency, according to the official IRNA news agency. The mass arrests were carried out in the northeast city of Mashhad, the state-run news agency reported. The authorities arrested more than 7000 people, including several major gangs, for illegally using electricity to mine cryptocurrency on a large scale, IRNA said. The police also seized 20 industrial computers used for the mining, according to IRNA.Summary of the situation
– According to the government’s order, the mining of cryptocurrencies has been suspended for four months.
– Iran is a haven for crypto-currency mining; many Chinese companies are using it.
Iranian authorities have arrested 7,000 computer miners in an illegal cryptocurrency station. So far, this is the most significant mining received by the Iranian police since the rise of the cryptocurrency market. Authorities are fighting back, saying the arrest could connect the dots on the embezzlement.
This pressure increases with the arrival of the dry summer, which also leads to an increase in the number of breakdowns in the electronics sector. In late May, the Iranian government banned bitcoin mining for nearly four months to prevent a blackout. However, not all computer extraction farms followed these rules.
Tehran police commander Hossein Rahimi said 7,000 minors had been captured in the facility. These people did not abide by the government’s conditions and illegally mined cryptocurrencies.
How do crypto-currency miners work?
Bitcoin, like other cryptocurrencies, is created through a process called mining, which uses powerful computers. Computer miners have to invest a lot of money from their own pockets to have such equipment. In addition, they consume a large amount of electricity. Cryptocurrency miners call Iran a paradise for bitcoin mining.
According to Blockchain Elliptic’s analysis, at least 4.5% of all cryptocurrency mining takes place in the Iranian region. After all, the cost of electricity is practically zero, so everything is profitable for the miner.
Since 2018, the economy has also suffered from sanctions imposed by the United States. Most computer miners in Iran are owned by domestic companies that want to get rid of these blockades. This allows companies to have a virtual currency and easily exchange it for dollars or other fiat currency.
Iran and its bitcoin mining deal
Computer miners are free to operate in the Iranian region because the government offers cheap electricity rates. However, the central government is demanding that the miner sell his assets to the national bank. Even Tehran allows the use of mined cryptocurrencies to pay for licensed goods.
This unlimited supply of cryptocurrencies is attracting companies from China to the Middle Eastern country. It is estimated that at least 10 million barrels of oil per year will be required to produce the energy that will be used by the country’s mining machines. However, this represents 4% of Iran’s crude oil exports.
The cryptocurrency market is legal in the region, but under strict conditions. Those involved in mining cryptocurrencies will be taken to court to determine penalties.
The Iranian government’s proposed suspension of cryptocurrency mining is halfway through, which means mining is still prohibited. Many companies with mining operations are not in operation until the central authority gives permission to resume operations.According to an article in the Washington Post, Iranian police have seized 7000 crypto-miners in an abandoned factory in Tehran. While there is no immediate word on what may have happened to the miners and their equipment, the article claims that the police confiscated about $3 million in hardware and $1.5 million in cash as they were in possession of the equipment.. Read more about iran cryptocurrency and let us know what you think.
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