Iran seizes 1,000 digital-mining devices as a result of its high electricity consumption
Iran has confiscated about 1,000 digital currency mining devices that were in abandoned factories without revealing more details such as the names of the currencies it had been mining or since when it was in operation.
According to Arash Navab, the energy sector official in the central province of Yazd, the consumption of these devices reached 1 MW, which led to their identification.
Iran saw an increase in electricity consumption of about 7% in June from normal rates due to the increase in the number of devices used in the mining of digital currencies, especially with the large rises in the prices of the bformation, where it approached 13,000 dollars, an increase of about $5,000 in the month of June only.
The operations of digital currency mining in Iran are prohibited activities nationwide, and in September the Higher Council for Digital Space considered the mining of currency and digital assets a legitimate business, but has not yet reached a conclusion.
The central bank of Iran, of course, prohibits commercial banks from dealing in digital currencies as they assist in money laundering operations.
Iran’s electricity sector officials also believe that energy consumption and the use of electricity transmission networks in currency mining are illegal.
It is worth mentioning that the mining of digital currencies requires specialized computers built for this purpose, where they use graphics cards and special processors, consume a large amount of energy and generate high heat as a result of their work maximum card.