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Crypto Mining Crackdown in Iran, 7,000 Computers Seized

Crypto Mining Crackdown in Iran, 7,000 Computers Seized
  • Iran has just seized 7,000 mining computers from an abandoned factory in Tehran.
  • The country is in process of applying a 4 month ban on all crypto mining activity.
  • Before this, Iran took credit for 4.5% of all BTC mining.

IRAN: 7,000 crypto mining computers seized from an abandoned factory in Tehran as per latest reports. Last month, Iran banned Bitcoin and other crypto mining responding to energy concerns.

IRNA, Iran’s state-controlled news agency, just reported the seize. This is part of Iran’s energy use-curbing efforts. The ban is set to last four months. Iran is currently aiming to reduce electricity waste and prevent blackouts in the country.

Most popular blockchains at the moment use a Proof-of-Work consensus protocol which allows the blockchain or its data to exist in a decentralized way. This however consumes huge amounts of energy. In fact, some studies have equated the energy consumption of Bitcoin mining with energy use in the whole of Finland.

Initially, Iran became a major presence in the crypto industry due to its easy access to oil. As miners seek out cheap sources of energy to power their computer ‘rigs’, the country held great potential for them. Blockchain data firm Elliptic recently released a report that before the mining ban, 4.5% of all BTC mining was happening in Iran.

Relevant to this, Bitcoin mining hub China has also taken steps to tone down mining efforts in the country. It has banned mining in top provinces like Sichuan, Qinghai, and Inner Mongolia as part of its carbon emissions reduction plan

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.