Author: Andrew Liptak
After detecting an unusual spike in energy consumption, Iranian authorities seized nearly a thousand computers being used to mine cryptocurrency, according to the country’s state media.
Authorities discovered two bitcoin farms operating in abandoned factories in Yazd province, which caused a seven percent spike in the country’s power consumption this month. Iran’s central bank banned cryptocurrencies last year, citing concerns over money laundering. According to RadioFreeEurope, officials have said that the practice is making the local power grid “unstable,” and warned that people engaging in the practice could be cut off.
Cryptocurrency is “mined” as high-powered computers solve mathematical problems, a task that requires...
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After detecting an unusual spike in energy consumption, Iranian authorities seized nearly a thousand computers being used to mine cryptocurrency, according to the country’s state media.
Authorities discovered two bitcoin farms operating in abandoned factories in Yazd province, which caused a seven percent spike in the country’s power consumption this month. Iran’s central bank banned cryptocurrencies last year, citing concerns over money laundering. According to RadioFreeEurope, officials have said that the practice is making the local power grid “unstable,” and warned that people engaging in the practice could be cut off.
Cryptocurrency is “mined” as high-powered computers solve mathematical problems, a task that requires...
Continue reading…
Continue reading...