This undated photo provided by the Police News Agency, shows boxes of machinery used in Bitcoin “mining” operations that were confiscated by police in Nazarabad, Iran. Squeezed by sanctions and fueled by subsidized electricity, Iranians and others lured to the country increasingly are turning to Bitcoin and other digital cryptocurrencies. Some mine for the currency. That involves harnessing the power of their computers to verify and secure other users’ transactions around the world so that the same bitcoin isn’t spent twice. They are given new bitcoins as rewards. (News.police.ir via AP)
Iranians feeling the squeeze from U.S. sanctions targeting the Islamic Republic’s ailing economy are increasingly turning to such digital currencies as Bitcoin to make money, prompting alarm in and out of the country.
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