Iran announced that pays bounty for exposing illegal cryptocurrency mining

Iran is professedly offering a bounty for anyone who discloses the illegal mining business of cryptocurrency in the country because new regulations are published to calculate the price of electricity used by digital gold miners., according to PressTV reports on Nov. 13.

An Iranian Ministry of Energy spokesman said the government would reward 20 percent to anyone who reveals subsidized electricity users to mine digital currencies for recovering damage caused on the grid on Wednesday. The damage is based on how much electricity the mining companies have used.

Yesterday, Mostafa Rajabi release the announcement in an interview with IRIB News when he provided more details on the new pricing mechanism for electricity used by cryptocurrency miners.

Under the new regulations, miners are not allowed to mine digital currencies that using the national grid during peak consumption hours in Iran, Rajabi said.

The spokesman added that the average electricity price for operators was 9,650 rials ($ 0.29) for each kilowatt-hour. He described that in eight cold months of the year the price would be about half and in warmer months it would be four times higher, cause electricity consumption rises mostly due to the warm weather.

Iranian authorities confiscated from two derelict factories that used state-subsidized electricity to mine cryptocurrencies without a license of 1,000 Bitcoin mining machines in June.

The Iranian government approved a bill recognizing cryptocurrency mining as a legitimate industry, in August.

In September, Iran published the possibility of annual registration of cryptocurrency mining operations. Iran’s cryptocurrency mining regulations are not completely negative for local operations. Iran’s National Tax Agency declared that if domestic mining companies agreed to repatriate income abroad, they would qualify for tax exemptions, in September.

Rajabi said the government will encourage people to set up their own power plants to mine digital currencies.

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