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

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...
- Advertisement -

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...

Seamless Crypto Exchange HolyTransaction Allows Gridcoin Staking

In today’s world, the time value of money is very important and everyone likes to earn a...

Must read

- Advertisement -

Read Next
Recommended to you