Iranian Ministry of Energy official: involved in bitcoin mining or power outage

An Iranian energy sector official warned people in the country who are engaged in bitcoin and other digital currency mining, and once they are detected mining, they will be cut off.

In an interview on Sunday, Mostafa Rajabi Mashhadi, a spokesperson for the Iranian state-owned company Tavanir, which is responsible for power supply and distribution, said that Iran’s electricity consumption increased by 7% last month compared with the same period last year.

According to Mashhadi, the huge demand for bitcoin miners for electricity is the main reason for this growth.

• Blockchain is an unstoppable trend, and optimists are more likely to see the future
• A solution to the problem of eclipse attack in Ethereum
• The world influence of Libra and China's countermeasures

He added that it is illegal to use the national grid for cryptocurrency mining. Power consumers engaged in mining digital currency such as Bitcoin will be detected and cut off their power.

The spokesman said that the cheap electricity used by each bitcoin miner is equivalent to the electricity consumption of 24 homes. He said that the government has not yet taxed the electricity consumption of digital currency miners.

Since electricity subsidies are so reasonable that many Iranian residents buy modern air conditioners with powerful compressors, the number of digital currency miners who use electricity in residential areas has been growing in recent years.

Bitcoin is a cryptocurrency that many computer geeks consider to be the future of the global economy.

The Iranian Deputy Minister of Energy said this month that the electricity bill for digital currency miners should be calculated based on actual prices (the electricity used by ordinary people is subsidized).

According to reports, the Iranian government pays nearly $1 billion a year in subsidies to cover actual electricity costs.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!