Iran Seizes 1,000 Bitcoin Mining Machines Using Subsidized Power

Iranian authorities have seized about 1,000 bitcoin mining machines in two abandoned factories, after warnings that the activity had led to a spike in consumption of government-subsidized electricity. Reuters reports: “Two of these bitcoin farms have been identified, with a consumption of one megawatt,”; Arash Navab, a power official in the central province of Yazd, told the television. The machines, which produce cryptocurrencies that are banned in Iran, were mostly to blame for a 7% increase in power consumption in the month to June 21, according to an Energy Ministry spokesman, quoted by the website of state-run Press TV. In 2018, Iran’s central bank banned the country’s banks from dealing in cryptocurrencies, including bitcoin, over money-laundering concerns.