Iran as a country has undergone significant reversals in legislation regulating conditions for companies mining cryptocurrencies.
If you still remember last year, we have informed you that some Iranian power plants want to offer excess electricity exclusively for cryptocurrency miners. At that time, policy and regulations were still favorable, but in May of this year, Iran decided to ban the mining of cryptocurrencies. However, this did not discourage some companies and continued to operate.
According to the Reuters daily, the Iranian police have recently carried out the largest action against the illegal cryptocurrency mining farm to date, namely the seizure of up to 7,000 cryptocurrency machines.
Tehran police chief General Hossein Rahimi told the state news agency IRNA that the illegal farm was located in an abandoned factory in the west of the capital.
Iran has decided to ban and limit the extraction of cryptocurrencies for four months, mainly due to power congestion, resulting in power outages. In this case, it is therefore questionable what sanctions will be imposed on this illegal farm, because the country has still not said a definitive no.
Reuters also reproduced data from the analytical company Elliptic, which claims that up to 4.5% of all mining power comes from Iran. As a result, this means hundreds of millions of dollars, which experts say the country could use, for example, to reduce the impact of US sanctions.