According to local news agency IRIB News, the Iranian regulators have tightened the regulations on the cryptocurrency miners in the country. In addition to power tariffs, regulators have announced a bounty for exposing illegal mining operations in the country. Under new regulations, mining cryptocurrencies off the national electricity grid during peak hours is banned, which lasts for 300 hours a year.
The cost of electricity doubled for crypto miners.
Iran’s Energy Ministry revealed that an average price for the export of electricity, a fixed sum of 9,650 rials, equals $0.08 for each KWh will be used as a baseline t to calculate the price of the electricity consumed by cryptocurrency miners.
He further added that price would be half of that mentioned during eight months of the year, and it would be quadrupled for the rest of the four months. So in cold months price would be $0.04 per KWh in cold months and $0.16 during the four months.
Iranian government cracks down on crypto miners.
Earlier, the Iranian government cracked down on crypto miners as they seized 1,000 bitcoin mining machines from two former factories after an increase in electric consumption was reported. The new increased rate of electricity for crypto miners in the country could discourage crypto miners from continuing mining.
Under the bounty law, anyone who would expose crypto miners using electricity illegally would be rewarded with up to 20% of the recovery of the damage caused to the national power grid.