Iranian Authorities Post Bounty On Bitcoin Miners Heads, Whistleblowers Collect 20% Of The Fees

As reported by PressTV, the Iranian news outlet, on November 13th, authorities in Iran are offering bounties to people who expose unauthorized crypto mining operations.

The announcement was made by an Energy Ministry’s spokesman at an interview with IRIB News. An electricity pricing scheme for miners has also been illustrated in the same interview. The same spokesman Mostafa Rajabi has said that those who give authorities information about illicit cryptocurrency mining operations using subsidized electricity are going to receive up to 20% from the recovered damages.

Miners Banned to Operate During Peak Consumption Hours

Mostafa Rajabi claimed the new regulations are meant to stop miners from operating at peak hours of electricity consumption. He added that the average price for kw-hour is going to be 9,650 rials, which is the equivalent of $0.29. This price is for miners and export. More than this, it will be half when the weather is cold, only to become 4 times more expensive when it’s warm and everyone consumes more electricity.

New Regulations Come After Arrest

The new regulations regarding crypto mining are following an arrest that was reported back in August when a man was caught bringing illegal mining machines into Iran. The country has also announced in September that it may instill a new rule for miners to register all their crypto operations. Two months ago, Iran’s National Tax Administration has also made the announcement that mining firms agreeing to repatriate their earnings from overseas may be exempted from paying some taxes.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,273FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today