Iranian Authorities Have Issued 1,000 Licenses for Cryptocurrency Mining

Iran’s Ministry of Industries, Mining and Commerce has issued over 1,000 cryptocurrency mining licenses to home operations.

In line with a report revealed on Jan. 24 by Iran’s Banking and Financial System Reference Media (IBENA), a member of the Data and Communications Know-how (ICT) Guild Group’s blockchain fee, Amir Hossein Saeedi Nai, knowledgeable the general public of the variety of licenses issued.

He defined that earlier than launching a mining operation within the nation, entrepreneurs should apply for a license, including that the federal government has issued over 1,000 permits up to now, and a number of other mining farms have already launched operations. Nai estimated that, if the native mining business have been to perform at full capability, it might convey $8.5 billion into the native economic system.

Mining’s position in Iran’s economic system

Banking sanctions from america and different western nations have hit Iran’s economic system onerous. Nai stated that the nation is in want of overseas alternate volumes, and that digital foreign money might help facilitate commerce whereas importing overseas foreign money in addition to be used to skirt financial sanctions.

The official defined that the ICT Guild Group is at present working to enhance Iran’s cryptocurrency mining circumstances. The hope is that native mining exercise will see a renaissance by altering electrical energy charges and boosting cooperation between native cryptocurrency miners and gas-burning energy crops. 

Iran has a number of the lowest vitality costs on the planet at $0.007 per kilowatt-hour. Nonetheless, current vitality shortages and blackouts have led regulators to take a extra lively position in managing the nation’s energy provides and due to this fact, take a strict method to cryptocurrency mining.

The rise of cryptocurrency mining in Iran led the federal government to boost its electrical energy tariffs for the sector considerably from the aforementioned $0.007 to $0.07 per hour — the identical worth as electrical energy exports. 

In August 2019, Iranian police arrested a person smuggling in unregistered cryptocurrency mining machines. As Cointelegraph reported the next November, the nation’s authorities went as far as to supply a bounty to anybody who exposes unauthorized mining operations within the nation.