Iran’s crypto mining industry faces a crisis with over 95% of active mining devices operating illegally. The country’s heavily subsidized electricity prices have made it a hub for illegal mining, consuming over 1,400 megawatts of power. Authorities have shut down 104 illegal crypto farms, seizing 1,465 machines in Tehran Province.

To combat illegal mining, Iran offers cash rewards to citizens who report unauthorized operations. Iran ranks fifth globally in Bitcoin hashrate distribution, contributing 4.2% of the total network’s computing power. The United States leads with 44%, followed by Kazakhstan (12%), Russia (10.5%), and Canada (9%).

Read more at CoinTelegraph: Iran to Intensify Crackdown as 95% of its 427K Crypto Rigs Run Illegally