Cryptocurrency miners in Iran who use household electricity for their operations will face heavy fines, according to the country’s energy ministry.
Furthermore, miners will have to pay for damages caused to the electricity network, a spokesman for the ministry said, as reported Sunday by English-language newspaper the Tehran Times.
The measure comes in response to concerns over the burden cryptocurrency mining is placing on the country’s electricity supply, which has been under strain this year thanks to reduced rainfall limiting the output of hydropower plants.
Iran has attempted to boost its sanction-hit economy with crypto mining. The country contributed some 4% of the total global bitcoin (BTC, -3.92%) hash power in 2020 according to research by the University of Cambridge’s Centre for Alternative Finance.
Amidst sheepish crypto trends making traders feel pretty much under the weather over the past 2 weeks, due to Bitcoin’s obnoxious pitfalls coupled with Ethereum’s uncertain dips as of late, crypto regulations in various countries are also being updated at a fast pace.
As per a report published in Tehran Times, the Islamic Republic of Iran is looking to minimize its energy problems, adding that crypto mining is one of the two major threats to the country’s electricity supply in 2021.
The subsequent one is the decrease of force coming from hydropower plants because of insignificant downpour. Moreover, those got by the public authority will likewise be compelled to pay for any harms they may have caused to the country’s public power matrix.
The move is the latest in Iran’s mission to control the flow of digital money and crypto-based platforms in the country for economic benefit in the long run.