• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
Join Student Coin ICO
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Iran Issues 1,000 Crypto Mining Licenses
Nexo

Iran Issues 1,000 Crypto Mining Licenses

Ali by Ali
1 year ago
in Bitcoin Mining, News, News teaser
0

According to recent reports from Iran, the country’s government is reportedly making a move that will benefit crypto miners by granting them over 1,000 mining licenses.


New development in Iran favors the crypto mining industry

Governments around the world are making significant progress with regulating the crypto industry, especially with regards to overseeing crypto mining operations.

Topping the news this week is a report that Iran has permitted over 1,000 crypto mining licenses to domestic crypto businesses. This mostly includes large mining farms which are currently the only ones who can afford the hefty electricity bills.

The news comes from Amir Hossein Saeedi Naeini, an official with ICT Guild Organization. According to him, the country’s crypto mining industry is still new, although many believe that it has major potential, which is attracting a lot of people to Iran.

However, in order to mine cryptocurrencies legally, any would-be miner still requires an official license. According to him,

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.

Further, he also says that the mining industry has the potential to add another $8.5 billion to Iran’s economy, according to a recent government study.

The mining industry facing obstacles

However, there are obstacles along the way, and the biggest one revolves around the country’s high electricity costs. As many are likely aware, crypto mining requires a lot of computing power, but also electricity. This poses a great challenge for crypto miners in Iran, as only large and industrial farms can afford to operate, while smaller outfits are forced to shut down.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

The official believes that the operating conditions should not favor large capitalists, and that the mining industry should provide equal opportunities for anyone willing to join. To achieve that, however, Iran would have to modify the electricity rates and terms.

The issues with crypto mining persist

The recognition of the crypto mining industry — since August 4th, 2019 — was a result of a crackdown on miners who supposedly used subsidized power. The news broke out in June last year, when the authorities raided two abandoned factories and seized around 1000 BTC mining machines.

Some reports from this period claim that the mining equipment increased the country’s power consumption by around 7%. Now, the country’s plan is to offer the miners a price equal to that at which Iran exports electricity to other nations. Not only that, but using electricity or natural gas for mining crypto is not allowed during peak consumption times, according to the cabinet’s recent directive.

Despite this, Amir Hossein Saeedi Naeini stated that there will be more discussions seeking more favorable conditions for the mining industry.

What do you think about the new mining situation in Iran? Let us know your thoughts in the comments below.


Image via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Ali

Ali

Ali Raza is a freelance journalist with extensive experience in marketing and management. His work has been featured in many major crypto and tech websites including Hacked, Hackread, ValueWalk, Cryptoslate, CCN, and Globlecoinreport to name a few. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.