PANews reported on November 2nd that Akbar Hasan Beklou, CEO of the Tehran Provincial Electricity Distribution Company, stated that thanks to substantial electricity subsidies, Iran has become the world's fourth-largest cryptocurrency mining hub, but has also become a "haven for illegal miners." It is understood that Iran's cryptocurrency mining industry is facing a widespread crisis of illegal mining; over 95% of the country's 427,000 active mining rigs are operating without authorization, consuming over 1400 megawatts of electricity, placing enormous pressure on the power grid and threatening the stability of the power supply.