Iran Government Offers Up To 20% Reward To Anyone Who Exposes Illicit Cryptocurrency Mining In The Country

By Alo Kingsley   Nov 15, 2019 1 Min Read

shutterstock_1415273714 (1)-min.jpgAs stated by a news report on October 13, Iran just offered a reward to anyone who exposes illicit cryptocurrency mining in the country. This proposition arose as a result of new regulations by regulators which stated that the rate of electricity used by miners of cryptocurrencies should be calculated. Hence, individuals, corporations and companies are meant to report non-compliance to the new rule as it is expected that all cryptocurrency miners in the country should not use subsidized electricity to mine cryptocurrencies like bitcoin.

 

In accordance with the report, a spokesman of Iran’s Energy Ministry, Mostafa Rajabi made the announcement in an interview, saying that anyone who reported defaulters would go home with up to 20% reward from the recovery of the damaged caused on the power sector by the said defaulters. As at press time, police had started hunting in places where the rate of electricity usage is subsidized.

 

The said spokesman claimed the new regulations that the activities of miners who use the national electricity distribution would be stopped during peak hours of usage which is roughly 300 hours per year.

More than three months ago, Iran launched a crackdown on illegal use of exorbitantly low electricity for miners of digital currency. And now, the new regulations have come to nail it.

 

Those who establish their own mining plants would receive incentives from the government and the national network would support plants that use renewable sources if they have a failure while attempting to generate power.

 

 

 

Image via Shutterstock 

About the author

Alo Kingsley
A blockchain/cryptocurrency enthusiast and writer with immense interest in the decentralized power inherent in cryptocurrencies and the growth of the disruptive innovation of blockchain in, Africa. I also believe that the government needs the power of cryptocurrencies just as cryptocurrencies need the power of the government. When I'm not writing, I'm meeting friends and seeing movies, swimming and playing chess will soon be added to the list.




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