Bitcoin
BTC$43 081.91

1.35%

Ethereum
ETH$2 973.82

2.01%

Cardano
ADA$2.27

-2.69%

Tether
USDT$1.000723

-0.06%

Binance Coin
BNB$342.55

-2.18%

XRP
XRP$0.942011

0.16%

Iran Introduces Bounty For Illegal Miners


19 Nov 2019   #Bitcoin

Iran has had an open-minded approach towards cryptocurrencies, but now, the government’s stance on mining has become a bit tougher after the adoption of new regulations concerning this still profitable activity. According to a local news outlet, the authorities have initiated a bounty program that stipulates for a sizable financial reward paid for exposing miners who are operating outside the law or trick the officials into using subsidized electricity to mine cryptocurrencies. 

Whistleblowers get 20%


The announcement regarding the new policy came from Mostafa Rajabi, who works as a spokesperson for the state’s Ministry of Energy. He said that in the light of the governmental investigation regarding the unusual spikes in electricity consumption, which confirmed that a lot of miners are abusing the subsidies that the state offers to the lower-income population, the officials decided to toughen the grip by introducing a special bounty for exposing illegal miners as well those who are unjustifiably consuming huge volumes of cheaper electricity.

The authorities intend to reward the whistleblowers with as much as 20% of the total damage, afflicted on a power grid by a perpetrator. Moreover, according to the new regulation, cryptocurrency mining is going to be prohibited during the hours when the consumption of electricity by the Iranian population is at its highest. This means that the law-abiding miners will have to shut down their grids for the total duration of approximately 300 hours over the course of the year, which will surely hamper the profitability of this activity.

Pay less when it’s cold outside


Rajabi also noted that the government intends to establish rigorous control over the use of subsidized electricity, and also introduce a new baseline price for each kWh in the amount of 9,650 Iranian rials or approximately $0.08. The implementation of these measures will allow the officials to calculate the cost of mining, and its load on the national power grid, in a more efficient manner.

However, this tariff will be fluctuating, depending on the time of the year. For instance, miners will have to pay the minimum price of $0.04 per kWh during the cold season, which lasts for almost eight months. But once the hot weather kicks in, which usually means that the entire country will have to survive the blistering heat, the electricity consumption will shoot through the roof due to the overuse of air conditioners and other electrical appliances for air cooling. During that time, the price of electricity will be at its highest - $0.16 for kWh.

As for those who would continue the illicit activities, they could be fined or even arrested and sentenced to jail while their mining equipment will be confiscated. But those miners who play by the rules and pay their electricity bills diligently can get an incentive in the form of government aid, especially if the mining rigs are operating on the electricity that had been obtained from renewable sources of energy.

The Iranian law enforcers had already displayed their willingness to suppress illegal mining as they had seized around one thousand mining rigs that were located at a couple of abandoned factories.

Author: Alex Paulson for Crypto-Rating.com

Related

Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping
Buyers have returned to cryptocurrencies
FBS Launches New Crypto Account with 100+ New Instruments
Bitcoin in good shape as long as BTC price stays above $40K
Is it a Buy-the-dip moment for crypto?
Bitcoin bounces to $43K ahead of fresh crypto comments from SEC Chair Gensler
Bitcoin loses $44K support as stocks, Evergrande nerves hit BTC price
Cryptocurrency market rebound dries up, alarmingly recalling 2018
Bitcoin sees quite healthy consolidation on $200M BTC options expiry day

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 81.2% 35 $43 081.91 1.35% -8.98% $811 087 159 268 $32 566 242 601
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 973.82 2.01% -10.60% $349 960 860 996 $21 587 502 761
3 Cardano (ADA) ADA Cardano predictions 62.4% 80 $2.27 -2.69% -2.67% $72 581 341 919 $5 657 027 599
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000723 -0.06% 0.06% $68 592 541 921 $78 405 017 855
5 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 69 $342.55 -2.18% -15.33% $57 594 887 329 $1 834 859 342
6 XRP (XRP) XRP XRP predictions 72% 52 $0.942011 0.16% -11.07% $44 008 512 090 $3 471 846 458
7 Solana (SOL) SOL Solana predictions 66.8% 73 $134.99 -3.62% -13.48% $40 130 984 296 $2 394 353 078
8 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000373 -0.04% 0.04% $30 961 410 947 $3 802 192 647
9 Polkadot (DOT) DOT Polkadot predictions 67.6% 69 $29.14 -4.71% -12.32% $28 777 972 657 $2 530 767 375
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 77 $0.204356 -1.83% -12.96% $26 862 009 468 $1 490 518 775
11 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 87 $67.41 -4.29% -4.38% $14 849 661 345 $1 216 715 313
12 Terra (LUNA) LUNA Terra predictions 69.2% 59 $36.08 -4.62% 4.12% $14 432 557 786 $1 639 919 020
13 UniSwap (UNI) UNI UniSwap predictions 65.6% 74 $22.79 17.61% -3.84% $13 937 536 203 $1 041 192 676
14 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000271 -0.06% 0.03% $13 693 035 619 $5 465 909 777
15 Chainlink (LINK) LINK Chainlink predictions 67.2% 70 $24.73 9.02% -10.79% $11 252 316 912 $1 925 712 695

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.