Iran seizes 1,000 Bitcoin mining machines after power spike

[eaLiTy]

Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?

I have interacted with many players from Iran in the gambling sites a couple of years back and from what i know from their perceptive is that there is an interest for bitcoin for a long time, majority of the people i interacted are not active in this forum but they are very much active in the trading and spend some time gambling and it is going on for a long time and some have accumulated huge amount of profits. So what i am trying to tell basically is that it is not a new thing, the people from Iran are active in the market for years and now we might see more people coming into the market like the rest of the world.
Not sure why these machines are seizes, whether they broke any rule by using huge amount of electricity or is it illegal to mine in Iran ?.

Then, you have to ROI to get that money back, what will happen if the war breaks tomorrow?
You're going to flee the country with a 9.5kg miner in your backpack?

That was a good response.

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[rdbase]

Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?

I have interacted with many players from Iran in the gambling sites a couple of years back and from what i know from their perceptive is that there is an interest for bitcoin for a long time, majority of the people i interacted are not active in this forum but they are very much active in the trading and spend some time gambling and it is going on for a long time and some have accumulated huge amount of profits. So what i am trying to tell basically is that it is not a new thing, the people from Iran are active in the market for years and now we might see more people coming into the market like the rest of the world.
Not sure why these machines are seizes, whether they broke any rule by using huge amount of electricity or is it illegal to mine in Iran ?.

Then, you have to ROI to get that money back, what will happen if the war breaks tomorrow?
You're going to flee the country with a 9.5kg miner in your backpack?

That was a good response.

Yeah I found that quite amusing too.
Can you imagine those miners being smuggled back out of iran?
They would probably think they are weapons of mass destruction and destroy them all on site.

[BitHodler]

The problem with mining is just having cheap electricity isn't favourble for mining. You need take into consideration several factors like the initial investment for hardware, BTC price, mining pool to join.

The complete picture obviously matters, but cheap electricity grants you an edge over the miners that don't have cheap electricity and therefore need to stop mining the moment it has become unprofitable.

If you are open to alts, there are many alt coins which will be more profitable

This is about Bitcoin miners. There aren't all that many altcoins with the same algorithm you can use SHA256 ASICS for. The alternative is Bcash or BSV. The few other SHA256 coins are almost worthless and not worth mining.

As for altcoins being more profitable to mine, I don't think so. Try to build an altcoin mining rig and mine Ethereum, Litecoin or Dash, I wish you good luck with that. Mining as a whole has exploded in the last years. It's no longer a niche.

[Docnaster]

It looks like Iran was rather invested in crypto - something, I only just learnt. However, the BBC report about the authorities seizing the hardware does seem to indicate to me that Iran is at leat trying to catch the new wave of technology and I hope other developing countries will follow the example set out by Iran.

[rdbase]

It looks like Iran was rather invested in crypto - something, I only just learnt. However, the BBC report about the authorities seizing the hardware does seem to indicate to me that Iran is at leat trying to catch the new wave of technology and I hope other developing countries will follow the example set out by Iran.

They also use mosque as a place to put these miners to work and the perfect cover up as they only just recently detected them being there.

Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.

They mine bitcoin in Iran already within their mosques due to the free electricity they have so why not?
They get over $260,000 worth of bitcoins and it all goes towards their place of worship.

https://cointelegraph.com/news/iran-bitcoin-miners-set-up-shop-in-mosques-amid-govt-crackdown
https://www.express.co.uk/news/world/1146669/iran-mosques-bitcoin-safe-houses-hiding

[diahsw]

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?

interesting news, but that's not surprising, because the latest conditions there are rather worrying. I have also seen some news that for crypto world affairs it will be tightened even can be deactivated from the country, so that it can make it difficult for bitcoin hunters in that country, hopefully the turmoil that exists in that country will soon be finished and can return to normal.

[tippytoes]

It looks like Iran was rather invested in crypto - something, I only just learnt. However, the BBC report about the authorities seizing the hardware does seem to indicate to me that Iran is at leat trying to catch the new wave of technology and I hope other developing countries will follow the example set out by Iran.

They also use mosque as a place to put these miners to work and the perfect cover up as they only just recently detected them being there.

Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.

They mine bitcoin in Iran already within their mosques due to the free electricity they have so why not?
They get over $260,000 worth of bitcoins and it all goes towards their place of worship.

https://cointelegraph.com/news/iran-bitcoin-miners-set-up-shop-in-mosques-amid-govt-crackdown
https://www.express.co.uk/news/world/1146669/iran-mosques-bitcoin-safe-houses-hiding

They are not good at hiding it though...I am curious what is the take of their religion towards bitcoin mining? Sometimes they have irrational point of views on technological advancement. This news really surprised me. More than likely, the mosque permitted it because they are getting good amount of money from it.  

[Artemis3]

I think the confiscation or seizing of these 1,000 bitcoin is reasonable since it has to do something with electricity. I would say that electricity is a very important factor and if it is being consumed to much just because you want to earn a lot then there must be a problem I would say.

No, because it is a business like any other, and shouldn't be penalized beyond any other when its not interfering with any other of your laws.
You are simply running computers for others to rent and getting foreign currency from it, and that is all. If your farm is in an industrial area paying industrial rates it should be respected like any other industrial activity. You could be wasting a lot of electricity welding metals, for example.

What some governments don't like is when the farmers mess with, say, controls to exchange of foreign currency. But if all you do is bring foreign currency tot the country, you are in fact acting like a sort of exporter. You need to buy local currency to keep operations running, this foreign currency wouldn't come should you not be there in the first place. Your constant buying of the local fiat is pushing a little in favor of this currency, just like the central banks in these borked economies tend to do. You are actually the ally of the government, not the other way around.

Of course crypto can bypass sanctions, its meant to separate money from State, and that includes State wanting to stop money flow from/to other States or individuals.

Iran would be wise to embrace Bitcoin rather than fight it. It is to their best interests...

[Dondont]

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.

As long as they can cope with electricity consumption and compared to the profits that can be obtained, I don't think this is a problem. but what if they can stand with it ?

[Krislaw]

Can this confirmed that indeed Iran is already into bitcoin now as a hedge specially as fears of a total war with US?

Opportunelly when iran going to mining bitcoin on their country. I thing it;s personally person not by goverment. we don't know when iran have rules to control another payment like bitcoin, when this true, then iran will be big minner on the world,

[stompix]

~

Then, you have to ROI to get that money back, what will happen if the war breaks tomorrow?
You're going to flee the country with a 9.5kg miner in your backpack?

That was a good response.

Yeah I found that quite amusing too.
Can you imagine those miners being smuggled back out of iran?
They would probably think they are weapons of mass destruction and destroy them all on site.
[/quote]

Yeah, the new generation of targets for predator drones, forget oil fields, go after bitcoin mining farms.

They mine bitcoin in Iran already within their mosques due to the free electricity they have so why not?
They get over $260,000 worth of bitcoins and it all goes towards their place of worship.

https://cointelegraph.com/news/iran-bitcoin-miners-set-up-shop-in-mosques-amid-govt-crackdown
https://www.express.co.uk/news/world/1146669/iran-mosques-bitcoin-safe-houses-hiding

Think of the guys that were installing the miners in the mosque, what would a policeman think seeing some guys at night unloading boxes from a truck and stashing them near the mosque?  Probably he would start calling for the antitero units.
While the situation is pretty serious is also a bit funny, dealing with bitcoin and bitcoin equipment is starting to look like a drug operation in some countries.

But seriously, that article is pretty weird.
They say first they've got 260k with 100 miners, that would be 2600 a year, not even an s9j would be able to do it with free electricity, and the new gear wasn't out for a year. If we put the number to 1000 and drive the income to 260 per unit is too little, they haven't even made roi on it.

It looks like Iran was rather invested in crypto - something, I only just learnt. However, the BBC report about the authorities seizing the hardware does seem to indicate to me that Iran is at leat trying to catch the new wave of technology and I hope other developing countries will follow the example set out by Iran.

Yeah, they try to catch up, by seizing the gear and throwing miners in prison.
Nice way of catching up.

[bvyvjdidn]

Bitcoin was created to eliminate the need for intermediaries. Although many experts say individual mining may soon disappear and all power will pass into the hands of companies that use green energy combined with mining.

The transition to more organized mining agrees that this is possible, but not its disappearance. After the start of Bitcoin growth again, China began to sell its mining equipment abroad.

[kukuarej]

Bitcoin was created to eliminate the need for intermediaries. Although many experts say individual mining may soon disappear and all power will pass into the hands of companies that use green energy combined with mining.

The transition to more organized mining agrees that this is possible, but not its disappearance. After the start of Bitcoin growth again, China began to sell its mining equipment abroad.

The demand for mining equipment is growing, so the activity will require a serious settlement for many more years. Because it will deal with many people. And the main thing for the government or the obligation is to license mining companies or establish good high tariffs so that mining doesn’t benefit only miners to the state. Because the activity can be banned, and you can use it for the benefit of the country

[Lauren Smith]

Yes electricity it is free until it's abused. The funds do come from somewhere, probably built into taxation.

This article is strange and I do not understand it. How much of this is true?