Iran Seizes 7k Crypto Mining Machines in a Major Crackdown

In a major crackdown, the Iranian police have seized 7,000 crypto mining machines blamed for massive power outages in the country, as per its state media. The police  7,000 computer miners were seized in an abandoned factory in the west of the capital city of Tehran.

Early this year, Iran had banned the mining of cryptocurrencies such as Bitcoin to reduce the incidence of power blackouts during peak summer. According to multiple reports, Iranian police have confiscated over 500 devices in Tehran Province and shut down 183 illegal crypto mining farms with 11,000 mining units in the past year. According to blockchain analytics firm Elliptic, around 4.5% of all bitcoin mining takes place in Iran.

Crypto mining is a process through which cryptocurrencies such as Bitcoin are created, is becoming a growing concern among several nations as it is known to emit greenhouse gases that cause global warming. Powerful computers are used in the mining process that relies on electricity generated by fossil fuels.

Iran and China have also banned the mining of crypto, especially Bitcoin. The local Chinese authorities have cracked down and shut all major cryptocurrency mining bases across the country. This move by the Chinese government has caused mayhem in the crypto market after Bitcoin slumped further by 11 % at $31,830 two days ago.  China’s move to ban cryptos comes at a time when it is planning to launch its own digital currency.

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