The CEO of the Tehran Stock Exchange has resigned following the discovery of Bitcoin miners in the basement. Iranian authorities have raided crypto miners in abandoned factories. As well as homes, and small businesses on numerous occasions. But none have been as high-profile as the country’s largest stock exchange.
Ali Sahraee, the Tehran Stock Exchange’s chief executive officer since 2018, is apparent to have resigned following the discovery of cryptocurrency mining rigs in the building.
“The corporation must be considered accountable for its actions”
Initially, the TSE denied the existence of the miners, stating that the equipment was essential to the research study. On the other hand, executive deputy director Beheshti-Sarsht later claimed that the firm should bear the responsibility for its actions.
Following the departure of Sahraee, the company will be led by market vice president Mahmoud Goudarzi, according to a report from the country’s state-run media, the Islamic Republic News Agency, Tehran Stock Exchange, or TSE. The finding of “a number of miners” in the basement of the TSE building in the Sa’adat Abad district appears to have prompted the change in leadership.
In May, Iranian President Hassan Rouhani said that mining of Bitcoin (BTC) and other cryptos would be prohibited throughout the summer. In order to reduce strain on the country’s electrical infrastructure. The authorities discovered The mining rigs during an “unexpected check” in the TSE basement. Although the activity looked to be legal until the end of September.
During the ban, authorities raided crypto miners of all sizes. Confiscated illegally operating miners and fining residences responsible for creating blocks. However, rather than the country’s primary stock exchange, the majority of the raids targeted abandoned factories, dwellings, and small companies.
The Power consumption of crypto miners appears to be “beyond acceptable”
Brownouts and blackouts have occurred in Iran, with many politicians blaming crypto mining for depleting the country’s resources. However, certain officials’ claims regarding crypto miners’ power usage “seems to be extreme”, according to a report released in August by the country’s Ministry of Industry, Mine and Trade.