Illegal crypto-mining has gone deeper, way deep to soil the crypto industry’s reputation. Despite various entities and regulatory bodies condemning the act, it has not deterred the malicious actors carrying out such acts.
In a bid to tackle the surge of this menace, Iran has started a clampdown on several entities and individuals mining various digital assets illegally. This recent clampdown on illegal miners and mining across the country is coming off the back of a recent law that was just passed across the country. The recent law seeks to check their activities and grants miners license for their services.
Iran embraced crypto mining and trading in 2019
According to the new law, minors without a license would not be allowed to carry out mining operations across the country and go to jail if they go against the ruling. In 2019, Iran scored a big one in the crypto industry when the government announced that it has recognized digital assets and would allow respective miners to go ahead with their mining activities.
Coming alongside the news was a condition that miners would have to register their mining services under regulatory authorities before the end of August 2020. Despite the country stating these rules, some miners were disobedient and had since been mining illegally. A recent survey shows that the malicious miners have used cumulative total electricity of 250 megawatts since the rule was passed in 2019.
According to recent news by the company in charge of the distribution and transmission of electricity across the country, Tanavir announced that these criminals had already tampered with their mode of electricity distribution during the process of carrying out their activities. Vowing not to relent in the pursuit of Justice, the electricity body has said that they are making sure that they apprehend the criminals.
Illegal miners set to face the full wrath of the law
According to the statement released by the spokesperson of the electricity body, Mostafa Rajabi Rashhadi, the company is currently in liaisons with law enforcement. They are hoping to catch the criminals and make them face the wrath of the law.
He also warned those around the areas to report any criminal mining activities around their region or risk their electricity getting disconnected from the national grid. Presently, Iran classes itself as one of the best oil-producing states, claiming the third spot in the list of oil-producing countries under OPEC.
Despite being rich in oil production, Iran still has one of the most struggling economies globally because they have a strenuous relationship with various countries in the western part of the world. Despite the government giving the go-ahead to mining and miners, several entities are not pleased with the government’s rule on mining.
Some of them have said that their measures are too stringent and do not encourage people to go into mining. According to various entities, Iran’s government has increased the electricity bill for those that are into mining, a move that has pissed off various miners in the country.