Over 1,000 crypto miners given licenses in Iran

advertisement

Iran is said to have given more than 1,000 licenses to cryptocurrency miners in the country.

The licenses have been issued by Iran’s Ministry of Industry, Mine and Trade, local news outlet Financial Tribune reported Friday, citing an official from ICT Guild Organization - an Iranian NGO representing information and communications technology (ICT) sector.

The official, Amir Hossein Saeedi Naeini, said crypto mining industry has the potential to add $8.5 billion to Iran’s economy.

Iran legalized crypto mining last June; the country has long been attractive to miners due to cheap power. Miners are charged 4,800 Iranian rials (~$0.11) for one kilowatt-hour (kWh) of energy. During the peak summer season (June to September), however, the charges are higher at 19,300 Iranian rials (~$0.46) per kWh.

“High electricity tariffs plus stringent regulations” have made the crypto mining sector “less appealing for small investors," according to Naeini. Therefore, a limited number of authorized mining farms are currently active in Iran, per the report. 

Iran finalized the power tariffs in November, as subsidized energy previously put pressure on Iran’s national grid, causing a 7% increase in energy consumption in the country. Notably, Iran does not recognize cryptocurrencies as legal tender.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More