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Iranian Police Confiscate 7,000 Crypto Miners

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Tue, 06/22/2021 - 13:33
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Alex Dovbnya
An illegal crypto mining farm has been busted by the Iranian authorities
Iranian Police Confiscate 7,000 Crypto Miners
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7,000 cryptocurrency mining machines have been confiscated from Iranian miners, according to a June 22 report by IRNA.    

The seized equipment was located in an abandoned Tehran-based factory that was utilized for illegally mining crypto. 

This is the largest batch of miners that has ever been confiscated by the Iranian authorities. 

Such incidents are not uncommon. In May, the U.K. police accidentally uncovered a huge mining facility while raiding what they thought was a marijuana farm.          

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As reported by U.Today, blockchain sleuth Elliptic estimated that Iranian miners were on track to pocket nearly $1 billion in revenue in 2021. 

In May, however, Iran imposed a four-month bad on all mining activities due to rolling blackouts. Power-hungry miners were blamed for the frequent energy cuts.                   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.