Crypto miners in Iran will face power cuts, official warns

Mining • June 24, 2019, 5:10AM EDT
UPDATED: June 25, 2019, 12:13PM EDT
The Block

Cryptocurrency miners in Iran will be detected and face power cuts, an official from the country's state-run power generation and transmission company Tavanir, has warned.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

According to a report from Iran Front Page (IFP) News, Mostafa Rajabi Mashhadi has said that it is illegal to use the national grid for cryptocurrency mining. Mashhadi also said that Iran's electricity consumption in May had increased by 7 percent year-on-year and that cryptocurrency miners were the main reason.

Earlier this month, Iran's deputy energy minister Homayoun Haeri also said that power bills for cryptocurrency miners should not be subsidized by the state, as the government pays nearly $1 billion in subsidies annually to reduce energy costs for consumers.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri