Iran seizes 1,000 Bitcoin machines US sanctions bites

iran

The Islamic Republic of Iran has announced the seizure of about 1,000 Bitcoin mining rigs.

Iran said the move is to curb power consumption across the country. Authorities said there has been an unprecedented rise in the consumption of electricity by up to 7% in the last two months.

Local reports said that the Bitcoin mining machines were seized from a former factory used a mining farm plant.

The U.S. has placed a heavy economic sanction on Iran after President Trump pulled out of the JCPOA, a nuclear agreement signed in 2015 to prevent Iran from building nuclear weapons in exchange for a lifting of sanctions and increase trade from the U.S. and European countries.