THELOGICALINDIAN - The Iranian government has reportedly issued added than 1000 licenses for cryptocurrency mining back it began acclimation the industry A cardinal of ample mining farms accept set up in the country but aerial electricity tariffs accept kept abounding baby investors away
Also read: Regulatory Roundup — New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies
1,000 Licenses Granted to Miners
An official with Iran’s ICT Guild Organization, Amir Hossein Saeedi Naeini, has appear the accompaniment of the country’s cryptocurrency mining industry, the Financial Tribune appear Friday. In an account with Ibena publication, he said that cryptocurrency mining is a new industry but abounding bodies accept been admiring to it in Iran. Noting that miners charge to access a license, he shared:
The official added elaborated, “Our studies appearance that the crypto mining industry has the abeyant to add $8.5 billion to the economy,” the account aperture detailed.
Major Challenge – Electricity Cost
Amir Hossein Saeedi Naeini believes that the cryptocurrency mining industry has the abeyant to advice the Iranian economy. However, he explained that the amount of electricity is a above claiming for crypto miners in Iran. While “A cardinal of ample and automated agriculture mines accept been set up,” the official told the account outlet:
He opined, “the operating altitude in this industry should not be such that alone ample capitalists access the cryptocurrency mining bazaar but that all miners can operate,” emphasizing that modifying the electricity ante and agreement could addition the crypto mining industry and accomplish added revenue.
Iranian Crypto Mining Law
Iran’s cryptocurrency mining industry has been adapted back aftermost year. The Iranian government clearly accustomed cryptocurrency mining as an industry in August afterwards months of deliberation, Aljazeera appear on Aug. 4, 2024. Crypto miners charge be accountant by the Ministry of Industry, Mine and Trade afore alpha their operations.
The acceptance of the industry followed a crackdown by assorted government authorities on crypto miners accused of application subsidized power. In June aftermost year, Iran’s accompaniment television appear that the authorities seized about 1,000 bitcoin mining machines in two alone factories allegedly application government-subsidized electricity. A agent for the country’s Energy Ministry said at the time that these mining machines were amenable for a 7% increase in ability consumption.
“The electricity amount offered to miners will be according to the boilerplate rial amount at which Iran exports its electricity to added nations, or to 70% of the boilerplate rial amount at which the country ships off its accustomed gas,” the account aperture explained. Furthermore, the cabinet’s charge states that “Using electricity or accustomed gas to abundance cryptocurrencies is banned in aiguille burning times,” and calls for the admiral to set aiguille hours and install a filigree of acute ability meters. In addition, “using electricity and gas provided at household, agronomical or automated grades is banned and will be met with acknowledged activity if begin out,” the charge adds.
However, Amir Hossein Saeedi Naeini told Ibena that discussions are underway to set added favorable agreement for crypto miners. Meanwhile, Iranian President Hassan Rouhani has been discussing creating a unified cryptocurrency for Muslim countries with leaders of added Muslim nations.
What do you anticipate of the mining industry in Iran? Let us apperceive in the comments area below.
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Images address of Shutterstock and Ibena.
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