Iranian Government Seizes over 1,000 Bitcoin Mining Devices

More than 1,000 Bitcoin mining devices have been seized by the Iranian government from two factories. 

Per a Reuters report, local officials said the operations that run the hardware utilized subsidized power.

Bitcoin is popular among Iranians, especially after the US sanctions, which restricts the country’s access to the global economy. Per Iranian Bitcoiner Ziya Sadr, the technology is “a safe haven.”

Nonetheless, Iranian crypto adoption has experienced various setbacks this year, both from external and internal sources. LocalBitcoins.com has ceased all operations within the nation due to the fear of unintentionally violating the US sanctions. The government has also released a rigid warning to local Bitcoin miners. The Iranian state is subsidizing energy use to let its citizens experience a higher standard of living. But potential crypto miners were advised that the state will not look kindly upon cheap energy utilization for Bitcoin mining.

RadioFreeEurope reported that Iranian Energy Ministry Spokesperson Mostafa Rajabi noticed a 7% increase in the country’s overall energy consumption in the previous month, blaming crypto miners for a substantial share of that spike. According to the deputy energy minister, mining was taking place in areas where the state provided free electricity, including places of worship and schools.