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Iran's Tavanir rejects allocating power to mine crypto currencies

Finance Materials 28 October 2019 11:54

TEHRAN, Iran, Oct.28

Trend:

The letter published in cyberspace on allocating part of the power capacity of the power plants to mine crypto currency is fake, Public Relations and International Affairs department of Iran Power Generation Transmission and Distribution Management Company (Tavanir) announced.

“No letters were issued to allocate part of the power capacity of the power plants for digital currency mining,” Tavanir said in a statement, Trend reports citing IRNA.

Referring to the news published by some channels and sites recently about Tavanir's orders to power and distribution companies to allocate half of its capacity in the cold seasons for crypto currency mining, the company emphasized that no letters were issued by Tavanir.

Tavanir has urged social media activists and other media outlets to refrain from spreading any news before consulting official sources.

“Any comments or news releases that may upset public opinion and economic experts should be avoided,” the statement said.

Iran has some of the cheapest electricity in the world, thanks to the government allocating billions of dollars to energy subsidies each year.

Last fall, government officials acknowledged crypto mining as an official industry in Iran. That stamp of legitimacy combined with cheap power and the allure of crypto as a hedge against rampant inflation triggered by harsh United States economic sanctions against Iran has fueled a sharp increase in the number of Iranian crypto miners.

Mining farms are being set up across the country in the most unlikely places. Schools, poultry farms - and even mosques, which get free energy - have reportedly been used as locations for mining farms.

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