Iran Licenses 14 Bitcoin Mining Farms, Cuts Electricity Tariff up to 47% for Miners

Iran has reportedly issued permits for 14 bitcoin mining farms and will cut up to 47% off of the electricity tariff in order to support authorized cryptocurrency mining centers. Crypto miners will soon have to register with the government.

Iran Licenses More Crypto Mining Farms

The Islamic Republic of Iran has reportedly issued permits for 14 cryptocurrency mining farms, each with a capacity of 300 megawatts, Tehran-headquartered Mehr news agency reported Sunday.

Cryptocurrency mining has been an authorized activity in Iran since July last year and the country’s Ministry of Industry, Mine and Trade has issued over 1,000 licenses to crypto miners. However, not all authorized mining farms are currently in operation. In May, Iran licensed Iminer, a $7.3 million bitcoin mining enterprise.

Nonetheless, Iran has been trying to combat a growing number of miners smuggling their equipment into the country. Mostafa Rajabi Mashhadi, deputy head of Iran’s Power Generation, Distribution, and Transmission Company (Tavanir), said that the Iranian government has identified 1,000 illegal cryptocurrency mining farms spread across the country.

Miners have been flocking to Iran largely due to its subsidized electricity rates. Data shows that mining farms in Iran are paying as little as $0.01 to $0.05 for one kilowatt-hour (kWh) of electricity. However, the rates increase four-fold during the peak summer season, from June to September. The Financial Tribune reported Sunday:

In a bid to support authorized cryptocurrency mining, Iran Power Generation, Distribution and Transmission Company (Tavanir) said it will cut up to 47% of the electricity tariff for miners during the peak consumption periods.

Mostafa Rajabi told state TV that the aim of the tariff cut is to support legal mining farms during the four summer months. “To be eligible for the incentives, the miners can take part or invest in Tavanir’s recent efficiency plans such as the ongoing project to replace one million old (gas-powered) air conditioners with energy-efficient ACs,” the publication quoted him as saying.

Meanwhile, cryptocurrency miners will soon have to register with the government. Iranian Vice President Eshaq Jahangiri Kouhshahi announced last week:

Miners will have to disclose their identities, the size of their mining farms and their mining equipment type with the Ministry of Industry, Mine and Trade.

Source:news.bitcoin.com

What do you think about crypto mining in Iran?

Let us know in the comments section below.

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, sending more th

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How to get started with GRA

Crypto Ethone

Search This Blog