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Thread: Iranian Government Cuts Off Power To Crypto Mining Until New Energy Prices Approved

  1. #1

    Iranian Government Cuts Off Power To Crypto Mining Until New Energy Prices Approved

    The Iranian government will be cutting off power to crypto mining until new energy prices are approved, according to a report by local news agency Iran Daily on June 24.

    Mostafa Rajabi Mashhadi, an official at Iran’s Ministry of Energy, reportedly revealed that the country has seen a 7% spike of electricity consumption over a monthly period ending on June 21, 2019.
    Rajabi emphasized the unusual nature of the spike, as opposed to similar time spans in the past years, revealing that the country’s power grid had evidently become unstable.
    According to the official, the Iranian Ministry of Energy believes that the surge was caused by the growing number of crypto mining activity in the country, adding that the state will take necessary measures to prevent energy issues.
    As such, Rajabi reportedly stated that crypto miners “will be identified and their electricity will be cut,” until the government approves the recent ministry’s proposal for a change in prices for crypto mining operations. Rajabi stated that the authority will have to enforce such an action since the current overconsumption of electricity is “causing problem for other users.”

    More at: https://www.zerohedge.com/news/2019-...rices-approved
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

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  3. #2
    https://www.bbc.com/news/technology-48799155

    Iran seizes 1,000 Bitcoin mining machines after power spike


    Authorities in Iran have seized roughly 1,000 Bitcoin mining machines from two former factories, according to state TV reports.

    The action was taken following a spike in electricity consumption.

    Demand for power rose by 7% in June and cryptocurrency mining was thought to be the main cause, an energy ministry spokesman told local state-run media.

    One researcher said Bitcoin was gaining more and more attention in Iran as a potential means of storing wealth.

    "Two of these bitcoin farms have been identified, with a consumption of one megawatt," Arash Navab, an electricity official, told state television.

    Mining cryptocurrencies like Bitcoin involves connecting computers - usually specialised "mining machines" - 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, making it a potentially lucrative exercise - especially when done on a large scale.

    Bitcoin mining has reportedly sprung up in a variety of locations in Iran.

    "Everyone's talking about Bitcoin and how to get it," said Mahsa Alimardani, a researcher at the Oxford Internet Institute, who grew up in Iran.

    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, she added. Gold and US dollars are long-standing popular suggestions.

    "Bitcoin and [other cryptocurrencies] are slowly coming up as the third alternative," she told the BBC.

  4. #3
    If the Iranian government was smart and really cared about the Iranian people, they would sell the miners the energy at the current costs and allow them to pay their energy bills with bitcoin. They would then sell other countries oil secretly and allow them to pay in bitcoin.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  5. #4
    Quote Originally Posted by dannno View Post
    If the Iranian government was smart and really cared about the Iranian people, they would sell the miners the energy at the current costs and allow them to pay their energy bills with bitcoin. They would then sell other countries oil secretly and allow them to pay in bitcoin.
    Why not just have free energy for everybody instead of just one business? (they already subsidize electricity to the tune of $1 billion a year).

    https://www.coindesk.com/crypto-mine...nergy-minister

    Iran’s government spends about $1 billion in electricity subsidies in the country with Iranian households paying just a fraction of the real cost of the electricity usage.
    Dehqan said foreign cryptocurrency investors are keen on farming in Iran due to the cheap electricity in the country which costs well below $0.01 per kilowatt-hour.
    https://financialtribune.com/article...-unsustainable

    Power Subsidies, Generation and Distribution Course in Iran Unsustainable


    Iran will have 10,000-megawatt power deficit in the coming summer, said Tuesday the head of the Federation of Iranian Energy Exports Industries in Tehran.

    Referring to government measures in recent years to sell struggling state-owned power plants to the private sector, Mohammad Parsa said: “Currently, the Energy Ministry owes $2.6 billion to private power plants.”

    As per law, private companies cannot directly supply consumers with electricity they generate. Instead, they should sell to Iran's Power Generation and Distribution Company (Tavanir), a subsidiary of the Energy Ministry.

    However, due to financial constraints and shrinking budgets in recent years the government has been unable to meet its commitments to contractors and pay its bills on time.
    Last edited by Zippyjuan; 06-28-2019 at 04:03 PM.

  6. #5
    Quote Originally Posted by Zippyjuan View Post
    Why not just have free energy for everybody instead of just one business? (they already subsidize electricity to the tune of $2 billion a year).

    https://financialtribune.com/article...-unsustainable
    Why do you still beat your wife?

    I just said let them keep buying the electricity at their current costs, why are you trying to turn that into me asking for a subsidy?

    But to be honest, it probably wouldn't be a bad idea to subsidize it. The miners would end up with more bitcoin, which would end up back in the Iranian economy. As the price of bitcoin went up, Iran's wealth would skyrocket.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6
    Iranian bitcoin miners are moving into mosques as the government launches an energy crackdown, social media users revealed on June 25.
    CoinTelegraph's William Suberg reports that Iran, which offers free energy to mosques, now has around 100 miners occupying places of worship, generating much-needed income of around $260,000 a year.

    Despite its increasingly troubled economic situation, Iran remains uncoordinated when it comes to cryptocurrency policy.
    Last year, the central bank officially forbade lenders from servicing crypto businesses, at the same time as officials said they would consider launching their own digital token.
    Now, after bitcoin mining allegedly contributed to a 7% spike in power consumption in June, 1,000 miners have been seized, Cointelegraph reported on Tuesday.
    “Two of these bitcoin farms have been identified, with a consumption of one megawatt,” Reutersadditionally quoted Arash Navab, an official from the energy industry in Yazd province, as telling state television.
    Tehran had previously recognized domestic cryptocurrency mining as an industry.


    Unauthorized use of electricity for crypto mining has become widespread.
    Recently, police in China reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their mining hardware.
    In the German city of Klingenthal police reportedly tracked down a system of 49 computers operating on the premises of a former electrical services company. Since 2017, the mining farm has reportedly consumed as much electricity as 30 households, with the damage for the affected electricity supplier estimated to around 220,000 euros ($250,053).

    More at: https://www.zerohedge.com/news/2019-...govt-crackdown
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  8. #7
    If you can't hold/control it you don't own it.
    ____________

    An Agorist Primer ~ Samuel Edward Konkin III (free PDF download)

    The End of All Evil ~ Jeremy Locke (free PDF download)

  9. #8
    Quote Originally Posted by PAF View Post
    If you can't hold/control it you don't own it.
    If you can't lose it in a boating accident you don't own it.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  11. #9
    Those free iranian markets there in commie utopia . $#@! what would happen if they had to pay the real bill , say 13 times what it is ? That place is a $#@!hole . Anyone ever invading it deserves certain death for being retarded .
    Do something Danke



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