Over 95% of Iran's 427,000 active cryptocurrency mining devices are operating illegally

Jinse Finance reported that Iran's cryptocurrency mining industry is facing a widespread illegal mining crisis. According to authorities, of the country's 427,000 active mining devices, more than 95% are operating without authorization. Akbar Hasan Beklou, CEO of Tehran Province Power Distribution Company, stated on Sunday that Iran has become the world's fourth-largest cryptocurrency mining center, thanks to the country's substantial electricity subsidies, making it a "paradise for illegal miners." These unlicensed operations consume more than 1,400 megawatts of electricity around the clock, putting enormous pressure on the national power grid and threatening the stability of power supply. Beklou pointed out that most illegal miners disguise their activities as industrial facilities to obtain cheaper electricity.