Iran has become the world's fourth largest cryptocurrency mining center

ChainCatcher News, Akbar Hasan Beklou, CEO of Tehran Province Electricity Distribution Company, stated that thanks to substantial electricity subsidies, Iran has become the world's fourth largest cryptocurrency mining center, but has also become a "paradise for illegal miners."

It is reported that Iran's cryptocurrency mining industry is facing a widespread illegal mining crisis. Of the country's 427,000 active mining devices, more than 95% are operating without authorization, consuming over 1,400 megawatts of electricity, which puts enormous pressure on the power grid and threatens the stability of electricity supply.