State TV: Iran closes down 2 cryptocurrency mining farms

State TV: Iran closes down 2 cryptocurrency mining farms

TEHRAN, Iran (AP) — Iran's state TV is reporting that authorities have shut down two cryptocurrency mining operations in the central part of the country.

The Thursday report said the mining "farms" had 1,000 machines that were consuming about 1 megawatt of electric power per hour. Cryptocurrency mining is a process in which cryptocurrency transactions are verified and added to a digital ledger.

State TV said both farms were set up in abandoned factories in the central province of Yazd.

The report did not elaborate on what kind of digital currency the farms were mining. In recent months, reports that currencies including Bitcoin were being mined led energy officials to warn of an increase in unauthorized energy consumption.

In 2018, Iran banned the use of cryptocurrencies in financial transactions to prevent money laundering and control on the currency market as the rial hit an all-time low.

Updated : 2021-04-19 12:10 GMT+08:00