Iran seized thousands of computers illegally used for Bitcoin mining

LifeStyle News

 Iranian authorities has reportedly seized thousands of computers that were illegally being used to mine cryptocurrency, according to the country’s state media.

Authorities discovered two bitcoin farms operating in abandoned factories in Yazd province, which caused a seven percent spike in the country’s power consumption this month. Iran’s central bank banned cryptocurrencies last year, citing concerns over money laundering. 

According to RadioFreeEurope, officials have said that the practice is making the local power grid “unstable,” and warned that people engaging in the practice could be cut off.

Iran subsidizes its power, keeping prices low, which appears to be one reason why miners have been operating in the country. Access to cryptocurrency also appears to be helping residents evade US imposed banking sanctions.

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