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

As 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