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Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including additional fines and imprisonment. \u201cAny use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited.\u201d \n Mohammad Khodadadi Bohlouli explained that under the new law:\n<\/p>\n The increased penalties include raising fines by at least three and at most five times, imprisoning the offender, and revoking the offender\u2019s business license.<\/p>\n<\/blockquote>\n \n The Iranian government approved cryptocurrency mining as an industry in 2019. In January 2020, the Ministry of Industry, Mine, and Trade issued over 1,000 licenses for cryptocurrency mining operations.<\/p>\n However, Iranian authorities said that some unauthorized miners are using household electricity for cryptocurrency mining, resulting in major issues for the country\u2019s electricity industry. In December last year, crypto miners were ordered<\/a> to halt operations to prevent winter blackouts. In September, the authorities reportedly confiscated over 220,000 mining machines and shut down<\/a> nearly 6,000 illegal crypto mining farms across the country.<\/p>\n
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<\/strong>\n<\/p>\nNew Penalties for Illegal Cryptocurrency Mining in Iran<\/h2>\n
\nAn official with Iran\u2019s Power Generation, Distribution, and Transmission Company (Tavanir) said the country\u2019s administration will approve new rules to increase penalties for unauthorized cryptocurrency mining, IRNA publication reported Sunday.<\/p>\n\n
\n\u201cAny use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited,\u201d Khodadadi said.<\/p>\n