I wonder if when they publish this type of news the journalists try a little to investigate if it really is true or not. according to the news, then saying they seizes 1,000 Bitcoin mining machines.
- what is the location of two abandoned factories?
- Who are the people behind this mining? (because 1000 machines and a big investment)
Why the journalists not asking those questions?
Topic: Iran seizes 1,000 Bitcoin mining machines after power spike - page 2. (Read 736 times)
Not very surprising. The Iranian Rial has lost more than 30% of its value during the last three to four years and the central bank is trying very hard to prevent any further devaluation by burning what is left of the forex storage. They are trying quite hard to prevent the capital flows out of the country and it is getting hard to obtain foreign currency in Iran. Gold is also getting hard to find. And Bitcoin is one of the few avenues left for ordinary Iranians to store their wealth.
it was 1 factory and it was practically stealing electricity because the electricity it was receiving was meant to be used in that factory for the thing that that factory was build to do not something else. and since they got electricity for something else with the discounts and then used it to mine bitcoin, that makes it illegal and leads to their closure not just mining bitcoin or using electricity. instability of grid,... are just side products.
https://www.bbc.com/news/technology-48799155
Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?
Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?
it just confirms there are some private bitcoin miners in iran large enough to get on the government's radar now. 2 farms with 1000 miners doesn't exactly constitute mainstream adoption or anything.
clearly, the government doesn't like what's going on either.
D you think they will mine for there own now with the machines?
interesting thought. confiscate the machines, start mining bitcoin reserves for the government. why not? i've always thought this would eventually happen---governments holding bitcoin reserves. it still feels pretty early though.
So they stole bitcoin miners from people who bought these machines and set them up to make money? What a great country to live in!
What are they going to do with them now? Start mining themselves? Or does Koran forbid them to speculate with fake money?
What are they going to do with them now? Start mining themselves? Or does Koran forbid them to speculate with fake money?
Quote
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.
https://www.bbc.com/news/technology-48799155
Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?
Iran probably also mine gold (and other precious metals). And many countries have large reserves in GOLD, should we then ban gold or destroy lands where gold is mined?
I honestly don't like the idea of large mining farms but what can we do? If mining is distributed like nodes, nobody will notice this things.
Proof of stake can never be an option. It one of the reasons why we have endless numbers of cryptocurrencies
I honestly don't like the idea of large mining farms but what can we do? If mining is distributed like nodes, nobody will notice this things.
Proof of stake can never be an option. It one of the reasons why we have endless numbers of cryptocurrencies
Proof of Stake is an option, and using rolling checkpoints can be more secure than a PoW without rolling checkpoints.
Blackcoin has proven to be a strong design, and unlike many PoW coin,
it does not waste energy and is very secure.
There are other consensus designs that are also energy efficient, but PoW mining will eventually be blocked.
The failure of the Bitcoin community is the refusal to admit the problem and then seek a solution.
Whether the solution is an old design or a brand new one.
Quote
Authorities in Iran have seized roughly 1,000 Bitcoin mining machines from two former factories, according to state TV reports.
https://www.bbc.com/news/technology-48799155
Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?
Why are you talking about War with US? I think that this is not the question.
I find it very interesting that they are generally against the cryptocurrencies in their country although this is one of the rare ways to do any transactions because of the sanctions.
This source : https://cointelegraph.com/news/iran-bitcoin-miners-set-up-shop-in-mosques-amid-govt-crackdown
I stating that machines which were sized were locates in their mosques because they get free energy.
Iran probably also mine gold (and other precious metals). And many countries have large reserves in GOLD, should we then ban gold or destroy lands where gold is mined?
I honestly don't like the idea of large mining farms but what can we do? If mining is distributed like nodes, nobody will notice this things.
Proof of stake can never be an option. It one of the reasons why we have endless numbers of cryptocurrencies
I honestly don't like the idea of large mining farms but what can we do? If mining is distributed like nodes, nobody will notice this things.
Proof of stake can never be an option. It one of the reasons why we have endless numbers of cryptocurrencies
Iran has less buyers of it's oil so oil is dirt cheap there. They produce electricity from petroleum products and bitcoin and crypto are not only a source of income but also a way to avoid embargo as embargo are monitored through bank transactions. Iran should further encourage it's citizen to use crypto than to restrict it.
Keeping aside the political situation of the country, Iran has been sanctioned by the US and thier economy is not is good position. I don't know what can be the reason to stop people from mining the crypto but they should realize that if they want to survive, the only chance is to adopt bitcoins and boycott the US dollar.
https://www.forbes.com/sites/dominicdudley/2019/06/25/iran-electricity-grid-unstable-bitcoin/
Quote
Iran Warns Its Electricity Grid Is Becoming Unstable Because Of Power-Hungry Bitcoin Miners
Quote
the Iranian government is blaming bitcoin miners for a potentially unsustainable surge in electricity use.
The Iranian government is afraid the bitcoin miners are close to collapsing their power grid.
If this happens, then hospitals on the grid could lose power or traffic lights could go out and place people lifes in jeopardy.
Many here want to pretend like bitcoin energy waste is a non-issue.
Eventually the Governments will decide who has access to the electricity and it won't be in bitcoin's favor. (Like Iran & China)
Which is why energy efficient consensus designs are the future and PoW is a technological dead end.
Iran has less buyers of it's oil so oil is dirt cheap there. They produce electricity from petroleum products and bitcoin and crypto are not only a source of income but also a way to avoid embargo as embargo are monitored through bank transactions. Iran should further encourage it's citizen to use crypto than to restrict it.
Keeping aside the political situation of the country, Iran has been sanctioned by the US and thier economy is not is good position. I don't know what can be the reason to stop people from mining the crypto but they should realize that if they want to survive, the only chance is to adopt bitcoins and boycott the US dollar.
It's highly unlikely for Iran to be the new "crypto mining paradise".Iran was never really bitcoin-friendly,due to the project of creating it's own cryptocurrency or due to the authoritarian nature of it's government.It's well known that authoritarian countries aren't crypto-friendly.
However,I'm surprised by the amount of mining hardware,that is currently used in Iran.
Well their electricity is virtually free isnt it? Or the government subsidizes it to some extent so to offer it very cheaply to its iranian citizens. However,I'm surprised by the amount of mining hardware,that is currently used in Iran.
Iran has less buyers of it's oil so oil is dirt cheap there. They produce electricity from petroleum products and bitcoin and crypto are not only a source of income but also a way to avoid embargo as embargo are monitored through bank transactions. Iran should further encourage it's citizen to use crypto than to restrict it.
There is no restriction. There are only some controversies about the price of electricity that is being consumed for bitcoin mining and it is being discussed. Electricity price is very low in Iran and what is now going on is completely normal.
Maybe someone inside Iran is preparing for the worst, and hearing bitcoin's ability to be a good store of value, they might have been been doing this for the last 6 months or so and heighten with the latest political turmoil with US of A.
Sadly, they've been caught, but I'm sure this will caught the attention of more Iranians to try to get their hands on bitcoin, just like what Venezuela and Zimbabwe did.
Sadly, they've been caught, but I'm sure this will caught the attention of more Iranians to try to get their hands on bitcoin, just like what Venezuela and Zimbabwe did.
Iran has less buyers of it's oil so oil is dirt cheap there. They produce electricity from petroleum products and bitcoin and crypto are not only a source of income but also a way to avoid embargo as embargo are monitored through bank transactions. Iran should further encourage it's citizen to use crypto than to restrict it.
Iran electricity is subsidised in many scenarios, and apparently even free for mosques. The government is considering mining as an abuse of the subsidiary system, and allegedly a threat to the stability of the power grid (see See http://www.iran-daily.com/News/254817.html).
What’s behind is really in the line of:
What’s behind is really in the line of:
Quote
Rajabi [spokesman of Iran’s Ministry of Energy] said until the prices are approved and implemented, the government would crack down on illegal consumption of energy for bitcoin mining.
It is a bit of a contradiction though, since power grid stability is being used as an excuse, whilst setting a price for electricity used by miners seems to be the core element really (control over them even more likely). Quote
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.
https://www.bbc.com/news/technology-48799155
Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?
I am not sure that this is confirmed.
Iran is already backed up by oil reserves if a war with the US will be escalated. I mean, they don't have any benefit of being into bitcoin as they won't make any harm to the US with that. It is positive news for our community if it is true thought, because it will bring more new investors and raise interest in bitcoin instantly.
Well this could be happening on many parts of the world that are not hitting the news yet, people in those kinds of countries like Hongkong, China and now Iran, because Bitcoin and other Cryptocurrency are a good stores of value compare to gold and dollar that are tangible.
I just have a question bothering my mind because of this news. Why is bitcoin mining to be blamed when power spikes? Why it should be it all the time whenever there is a power spike? I mean, 10 years ago, let's say that's when bitcoin mining also rises, why are they banning now?
That time they were ignoring bitcoin mining as they didn't expect a lot of people are attracted in bitcoin mining. Also, they didn't have knowledge about this. That's a big mistake they made.
The real reason why government bans mining is because they are actually providing subsidy on the normal people using this , for the welfare of the society but instead of this they are using it for things that government doesn't approve of.
Instead if we could set up a personal renewable source of energy, this way one could avoid government confrontation and save environment too , it does need a lot of investment initially but for the long run it can help you set up even 10 mining machines.
Instead if we could set up a personal renewable source of energy, this way one could avoid government confrontation and save environment too , it does need a lot of investment initially but for the long run it can help you set up even 10 mining machines.
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