Tehran Stock Exchange CEO resigns after discovery of illegal mining in building
The CEO of Iran’s largest stock exchange resigned after authorities dismantled an illegal digital currency block reward mining operation in the basement of the building housing the exchange.
Ali Sahraee took over as head of the Tehran Stock Exchange in October 2020. However, as local media report, his tenure was cut short after authorities implicated him in a crime that has become quite common in Iran: mining. illegal.
According to the Islamic Republic’s news agency, Iranian authorities recently carried out a sudden inspection of the building housing the exchange. They discovered that there were several Bulk Reward Miners in the basement. The CEO initially denied the existence of the mining rigs, before saying they were for research purposes.
However, his deputy later said the exchange should take full responsibility for the crime, and Sahraee resigned soon after.
Mahmoud Goudarzi, vice-president of the stock market, will take the head of the entity.
Block reward illegal mining has become a worrying practice in Iran. Former President Hassan Rouhani estimated at one point that 85% of all mining in Iran is carried out illegally. These illegal miners would drain around 2 gigawatts per day. The country has cracked down on such operations and has seized thousands of mining rigs since then.
The illegal operations have emerged despite the Iranian government adopting an industry friendly approach. In January 2020, for example, the government issued 1,000 mining licenses to local entities.
Despite the legalization of mining, the government had temporarily banned the activity over the summer. President Rouhani issued the ban in May, citing concerns over high energy consumption. Iran is experiencing an energy crisis, major cities like Tehran experience frequent blackouts. The ban was lifted at the end of September.
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