Executive of Tehran Stock Exchange fired for mining Bitcoin using stolen electricity in Iran's largest stock exchange

According to foreign reports, since the beginning of summer this year, Iranian President Hassan Rouhani announced a ban on Bitcoin and cryptocurrency mining to save electricity. Nationwide inspections have been carried out to crack down on illegal mining activities. As a result, a mining farm was discovered inside the building of the Tehran Stock Exchange, leading to the resignation of the CEO, Ali Sahraee.

The Tehran Stock Exchange initially denied the existence of miners operating inside the building, claiming the equipment was part of a research project. The Iranian government did not specify when the surprise inspection of mining equipment in the stock exchange building took place, but it is certain that even though mining is relatively allowed in Iran, it is still considered illegal during periods of power restrictions.

Ali Sahraee has been in office since 2018, and after his resignation, he will be succeeded by the Vice President Mahmoud Goudarzi.

During the power restrictions, the Iranian government conducted multiple surprise inspections on crypto miners, seizing those operating illegally and imposing fines. Most of the raided miners were concentrated in abandoned factories, dilapidated houses, or small businesses, not as prominent as Iran's largest stock exchange.

Iran's energy crisis has led to power shortages, with many officials blaming cryptocurrency mining for consuming a significant amount of electricity. However, according to a report from the Iranian Ministry of Industry, Mining, and Trade in August, the claims that miners are siphoning off a large amount of electricity were exaggerated.

This article is authorized for reproduction from Horizon News Network