Iranian government shuts down over 1,000 illegal cryptocurrency mining farms

On August 24, the Financial Tribune reported that experts had helped Iranian power company Tawani shut down 1,100 cryptocurrency mining farms for which it allegedly did not have a legal license. A person who provided information to help identify illegal workers reportedly paid 100 million riyals (approximately $ 480). Iran recently announced that it could run its mines like bitcoin miners, as long as they run out of gas. The law requires that miners report to the Ministry of Industry and Mines and Trade and provide details such as the size of the mine and the type of equipment it uses to prevent smuggling. Minors refer to individuals and companies. Illegal cryptocurrency miners can be fined between $ 2,000 and $ 5,000 per device, plus an additional $ 20,000 if caught using electronic devices.