Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

1,000 Bitcoin mining machines seized by Iranian authorities

Monday 1 July 2019 | 12:09 PM CET

Approximately 1,000 Bitcoin mining machines from two former factories have been seized by Iranian authorities, BBC cited local TV reports.

Mining cryptocurrencies involves connecting computers to the currency network via the internet. By providing computing power for validating transactions on that network, mining machine owners are rewarded with newly generated coins.

The action was taken following a spike in electricity consumption. In June 2019, demand for power rose by 7% and according to the local an energy ministry spokesman, the cryptocurrency mining was thought to be the main cause.

Cryptocurrencies are gaining more and more attention in Iran as a potential means of storing wealth. With US sanctions over its nuclear programme hitting Iran financially, Iranians often discuss via social media the question of how wealth can be stored securely, BBC cited a researcher at the Oxford Internet Institute, who grew up in Iran. Gold and US dollars are long-standing popular suggestions.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement