News Iran seizes 1,000 bitcoin mining machines using subsidized power

Iran seizes 1,000 bitcoin mining machines using subsidized power

-

- Advertisment -

DUBAI (Reuters) – Iranian authorities have seized about 1,000 bitcoin mining machines in two abandoned factories, state television reported, after warnings that the activity had led to a spike in consumption of government-subsidized electricity.

“Two of these bitcoin farms have been identified, with a consumption of one megawatt,” Arash Navab, a power official in the central province of Yazd, told the television.

The machines, which produce cryptocurrencies that are banned in Iran, were mostly to blame for a 7% increase in power consumption in the month to June 21, according to an Energy Ministry spokesman, quoted by the website of state-run Press TV.

In 2018, Iran’s central bank banned the country’s banks from dealing in cryptocurrencies, including bitcoin, over money-laundering concerns.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Iran seizes 1,000 bitcoin mining machines using subsidized power

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Iran seizes 1,000 bitcoin mining machines using subsidized powerIran seizes 1,000 bitcoin mining machines using subsidized power

You might also likeRELATED
Recommended to you