Iranian Police Seize 117 Crypto Mining Machines

Iranian provincial police have captured a person sneaking in cryptocurrency mining machines, local news outlet Fars News detailed on July 31.

The Saveh Police Department’s Anti-Trafficking Police seized a truck purportedly carrying 117 cryptocurrency mining machines to the value of 11.7 billion Iranian rials ($277,876 at the time of writing).

According to Police News Agency official, Sardar Kiomars Azizi, the police seized the mentioned crypto mining hardware and captured the truck driver.

The news comes following the Iranian government’s legalization of cryptocurrency mining as an industrial action in July. Now, entities engaged within the crypto mining will be required to seek a permit from Iran’s Ministry of Industry, Mine and Trade.

The government’s decision, in any case, highlights that using cryptocurrencies for domestic transactions remains banned and that those engaged in the industry ought to bear obligation for the risks without any guarantees from the government or local banking sector.

While mining may presently be legitimate, Deputy President of the Islamic Republic of Iran Customs Administration Jamal Arounaghi recently noted that the office had not issued any licenses for bringing in the equipment.

Also in July, the Iranian Economic Commission finalized an electricity pricing scheme for cryptocurrency miners. Energy Minister Homayoon Ha’eri did not elaborate on the precise price scheme, in spite of the fact that he expressed that the cost is dependent on market variables such as fuel costs within the Persian Gulf.

Ali Bakhshi, head of Iran Electrical Industry Syndicate, already proposed a cost of $0.07 per kilowatt-hour for cryptocurrency miners. Mostafa Rajabi Mashhadi, the Energy Ministry representative for the power division, previously expressed that the production of a single Bitcoin uses approximately $1,400 in state subsidies.

Governor of the Central Bank of Iran Abdolnaser Hemmati earlier contended that digital currency miners in Iran ought to contribute to the country’s economy, instead of letting mined Bitcoin (BTC) escape abroad.