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Iran seizes 1,000 bitcoin mining machines, with the help of subsidised power

FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, USA, on January 4, 2018. REUTERS/Lucy Nicholson

DUBAI (Reuters) – Iranian authorities have seized about 1,000 of bitcoin mining machines at two of the abandoned manufacturing plants, state television reported, after warnings that the activity will lead to a surge in the consumption of government-subsidised electricity.

“Two of those bitcoin farms have been identified, with the use of a one-megawatt,” Arash Navab, a body of civil servants in the central province of Yazd, told me to watch the television.

The machines that produce the cryptocurrencies that have been banned in Iran, were largely to blame for a 7% increase in the consumption of energy in the month, on June 21, according to an Energy spokesman for the Ministry, was quoted by the website of the state-run Press TV.

By 2018, iran’s central bank prohibited the country’s banks, which are trading in cryptocurrencies, including bitcoin, on money-laundering of the money.

Reporting by Dubai newsroom; Editing by Elaine Hardcastle

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