bitcoinBTC/USD
$ 19,116.94
ethereumETH/USD
$ 1,051.85
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.446831
xrpXRP/USD
$ 0.318331
usd-coinUSDC/USD
$ 1.00

Iran to Strengthen Sanctions for Illicit Exploitation of Subsidized Energy for Mining Cryptocurrencies

Iran's government will strengthen fines for cryptocurrency mining facilities that operate on the utilization of subsidized energy.

According to reports, fines will increase in comparison to present amounts, and repeat infractions will result in time behind bars.

Iran’s government will strengthen fines for cryptocurrency mining facilities that operate on the utilization of subsidized energy. The action is an additional step toward strengthening mining regulations in the country, which has struggled with power shortages for years now.

The Tehran Times reported on April 16 that the government intends to dramatically enhance fines for mining facilities that utilize subsidized electricity, referencing the country’s Power Generation, Distribution, and Transmission agency. Mohammad Khodadadi Bohlouli, the company’s spokesman, stipulated the following: “Any use of subsidized electricity, intended for households, industrial, agricultural and commercial subscribers, for mining cryptocurrency is prohibited.”

As per Bohlouli, penalties for mining companies that use subsidized energy will increase by at least threefold and at most fivefold. Repeated violations may result in the loss of the license of a business and possibly in the offender’s incarceration.

From 2019, cryptocurrency mining activities in Iran have been lawful and are subjected to a permitting process. The Ministry of Industry, Mining, and Trade had issued approximately 1,000 mining permits since January 2020.

Hasan Rouhani, the president of Iran issued a provisional embargo on cryptocurrency mining in May 2021 due to several significant obstacles to the country’s power grid, including drought and decreasing precipitation. This pattern was replicated in September when the moratorium was removed only to be restored in December of last year.

When announcing the alteration of the fines for subsidized energy utilization in May 2021, Mostafa Rajabi Mashhadi, the spokeswoman for the Energy Ministry of Iran remarked that the illicit cryptocurrency mining “creates problems in supplying electricity due to the damage to the local power grid and transformers.”

Also read:

Related News

Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »
As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD).

Withdrawal Resumption Plan Is Not Moving Forward, CoinFLEX Backs Down

Withdrawals will not be resumed as anticipated, following a halt last week, CoinFLEX announced. As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD). After the token sale is completely carried out, CoinFLEX will disclose the process for permitting withdrawals, stated CEO Mark Lamb. “Extreme market conditions and continued uncertainty involving a counterparty” led CoinFLEX to hit a pause

Read More »
Just recently, the company had to reduce over 1% of its global workforce, making Coinbase vulnerable to the current market crash.

Coinbase Looking to Expand In Other Countries

Following the layoffs and rescinding of employment offers, the cryptocurrency exchange Coinbase intends to grow deeper into Europe. The intentions to register in nations such as Italy, Spain, France, and the Netherlands, were announced by Nana Murugesan, vice president of the California-based crypto exchange. Countries such as Germany, Ireland, the United Kingdom, and even Switzerland, where the first employee was hired recently, already have Coinbase as a licensed crypto exchange.

Read More »

My Coins

bitcoinBitcoin
$ 19,116.940.78%
ethereumEthereum
$ 1,051.850.85%
cardanoCardano
$ 0.4468311.23%
tetherTether
$ 1.000.09%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org