Head of Tehran Stock Exchange Ali Sahraei has reportedly resigned over a Bitcoin mining scandal. Sahraei called it quits earlier today after a BTC mining farm was found at the Exchange’s headquarters.
Iran’s news outlets revealed initial rumors about a secret mining operation going on at the headquarters. The reports were eventually dismissed by Tavanir, a state electric company. However, the public relations department discovered many ASIC miners in the commission, prompting them to issue an official statement about their findings.
Iran’s Four-Month Ban on Bitcoin Mining and Illegal Mining Clampdown
Iran had previously banned BTC mining due to the high electricity consumption rate. Around May, the country placed a four-month ban on cryptocurrency mining with the intent of saving electricity ahead of its peak season, which was summer. The activities of crypto mining had led to a total blackout in various major cities in the nation, prompting relevant authorities to reach such a decision.
According to a statement by the government, the ban on power-draining crypto mining would keep the lights on during summer and beyond – a period where electricity demand is highest. President Hassan Rouhani announced to local TV that the ban would continue until September 22.
During the announcement, President Rouhani noted that about 85% of miners carried out their mining operations without authorization. After hearing the news, authorities swung into action to fish out illegal miners and verify those who are licensed. Hence, the birth of a clampdown.
This prompted the sending of spies to various organizations and mining farms located in private residences and mosques. The result of the mission proved successful as it discovered a mining farm in the most bizarre of all places, the Stock Exchange.
China Continues its Crackdown on Miners
China’s crackdown on crypto miners has intensified since its announcement in May this year. The highly populated country, which recently declared all crypto-related transactions illegal in the country last Friday, has been battling with miners even before the ban in May.
According to the Chinese government, several coal mines in the county were used without authorization as coal demand skyrocketed due to crypto mining. These mines had been idle for many years before miners restarted them.
The ban on mining caused the price of BTC to fall by $10k to almost $30k in May. In addition, it forced several miners out of China, with most of them shifting base to North America and Europe. Although China still holds the lion’s share in crypto mining operations, the ban resulted in a 20% loss, from 65% to 45%.
