Crypto News Today : 95% of Iran’s Crypto Mining Devices Operate Illegally, Official Says

An official states that over 95 percent of crypto mining rigs in Iran make over 427,000 illegal strain on the power grid, causing a country-wide crackdown.

The power grid of Iran is undermined by the rush of unauthorized crypto mining. The official explained that over 95% of the 427,000 devices are unauthorized resulting in huge quantities of electricity theft.

The official reported that the cryptocurrency mining industry of Iran is at crisis as most machines are operated illegally.

According to Akbar Hasan Beklou, the CEO of the Tehran Province Electricity Distribution Company, the country has approximately 427,000 active mining rigs.

Worryingly, over 95 percent connect to the electrical grids illegally, which puts a lot of strain on the national grid.

Low electricity prices made Iran a paradise of illegal miners which was the term used by Beklou.

The cheap rates have made Iran the fourth-largest cryptocurrency mining region in the world and have attracted enormous illegal operations.

Mining farms are commonly covertly disguised as industrial units by illegal operators in order to exploit subsidized energy.

Rising Power Theft Threatens Grid Stability

Miners use over 1,400 megawatts of electricity to run illegal mining rigs at all times which is equivalent to 10,000 households. This massive capacity puts a strain on the grid and decreases the reliability of power to the legitimate residential and industrial users.

The theft of power has increased very high in Tehran Province, where authorities have discovered 104 illegal mining farms and have captured 1,465 of the devices to date in 2011.

These operations have turned into hot areas such as Pakdasht, Firuzkuh, and Malard. Underground tunnels and fabricated industrial links are some of the ways through which miners evade detection.

Government Launches Crackdown Against Illegal Farms

Governments have been destroying illegal farms since a nationwide campaign, in an effort to secure the power grid. Law enforcement partners with special inspection teams to find and close down these operations.

The crackdown also provides incentives to the citizens who report illegal mining activities.

Beklou illustrated how unauthorized crypto mining wastage of subsidized energy was enormous. He cautioned that such illegal activities not only steal electricity but also reduce the supply to essential industries, and this endangers economic stability.

The illegal mining problem is still there, regardless of numerous seizures and raids, due to high profits with the help of cheap power.

The government is still trying to fight and limit this rising menace in order to save the Iranian electric grid.

The post Crypto News Today : 95% of Iran’s Crypto Mining Devices Operate Illegally, Official Says appeared first on Live Bitcoin News.