Iranian Power Plants get the nod to Mine Bitcoins

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Bitcoins have been actively used in Iran. In fact, according to a survey conducted by Coindesk, almost 1650 Iranians were using bitcoins in the country
  • Iranian President Hassan Rouhani has been pretty excited on the use of crypto industry and has ordered its government to come up with plan to utilise crypto in the best possible manner.
  • Besides that it is also reported that he has informed the officials of Iran’s Central Bank, IT ministry and energy department to work in tandem for the crypto mining.

Iranian economy has been under the pump off late. First, Iran struggled after US President Donald Trump crippled the Middle Eastern country after withdrawing from a landmark nuclear agreement in 2018. A year later, Covid-19 pandemic further dented the economy. So, amidst all this, the country seems to have turned to cryptocurrency to revive itself from the deep hole that it has got into.

Bitcoins have been actively used in Iran. In fact, according to a survey conducted by Coindesk, almost 1650 Iranians were using bitcoins in the country and the respondents had expressed their deep interest in learning more about mining businesses. Now, the government is showing its further intent as power plants in Iran have given the nod to power plants to use mine Bitcoins for industrial use.

Deputy Managing Director of Tavanir-Iran’s Power Generation, Transmission and Distribution Management Company-Mostafa Rajabi Mashhadi said in a statement that they would be allowed to be Bitcoin mines subject to the fact the comply with the issued legal licences and tariffs. He further added that they will also cap the Bitcoin produce to USD 9,000 so that no one could misuse it.

As far as the tariffs scheme for the miners are concerned, it is believed that they could vary depending on the fuel prices in the Middle East. Electricity is considered to be one the cheapest in Iran compared to anywhere else in the world. However, according to Mashhadi it won’t have much of an impact as to produce a single Bitcoin, the government will only have to shell out about $1,400 in state subsidies.

Iranian President excited about use of cryptos

Iranian President Hassan Rouhani has been pretty excited on the use of crypto industry and has ordered its government to come up with plan to utilise crypto in the best possible manner. Besides that it is also reported that he has informed the officials of Iran’s Central Bank, IT ministry and energy department to work in tandem for the crypto mining.

Iran, which is known for its stringent laws, will impose heavy fines on the guilty at the same time will reward the person/s who exposes any information regarding illegal crypto mining with one hundred rials.    

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