Iran closes over 5,300 illegal cryptocurrency mines

Golden Financial reported that Iranian authorities are still cracking down on unauthorized cryptocurrency mining due to high demand for electricity. To date, the country's power companies have shut down more than 5,300 illegal mines and seized more than 216,000 illegal mining machines. The total electricity consumption of unauthorized installations is estimated to be equivalent to 800,000 households or 2 million people. The Iranian government recognized cryptocurrency mining as a legal activity in July 2019. Authorities in Tehran use permits for mining companies, and the permits are issued by the Ministry of Industry. According to Tavanir, 56 approved cryptocurrency mining farms will need a total of 400 megawatts of power. In May of this year, Iran temporarily banned all cryptocurrency markets from depreciating. Then, in August, Tavanir announced that he would lift restrictions on licensed workers on September 22, as demand for electricity is expected to eventually decline during the summer.