Islamic Republic News Agency recently reported that Ali Sahraee, Tehran Stock Exchange (TSE) chief executive officer since 2018, has resigned after a surprising discovery inside the exchange.
It was found that Bitcoin mining operations had been happening inside TSE’s basement and mining rigs were discovered.
TSE market vice president Mahmoud Goudarzi will replace Sahraee and will take over as the new CEO.
When the mining rigs were first discovered, TSE initially denied that Bitcoin mining was happening inside the exchange’s premises. It even said that the equipment was being used for research.
But executive deputy director Beheshti-Sarsht later said that TSE should be held accountable for its actions.
Crypto ban in Iran
Last May, Iranian President Hassan Rouhani announced that Bitcoin and cryptocurrency mining would be banned over the summer to reduce the spike in demand in Iran’s power grid.
Despite the discovered Bitcoin mining activity inside TSE, it remains unclear when the authorities discovered this mining operation.
Since Rouhani announced the ban, authorities have been conducting raids on various areas and confiscating equipment from both small and big crypto mining operations.
The crypto mining activities in the country have risen so fast that the government claims that this newfound venture of citizens is already causing negative impacts on the country’s power grid.
The focus of these raids is on small businesses, homes, and factories, making the recent discovery of mining activities inside the Tehran Stock Exchange a mystery.
Blackouts
The government was forced to step in when the country was already facing blackouts due to the rising power demands on its power grid caused by crypto mining activities.
The Ministry of Industry, Mine, and Trade is yet to confirm if crypto mining indeed had a major contribution to the country’s power shortage.
Image courtesy of Cointelegraph News/YouTube
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