Iranian Government Proposes The Plan for Launching Crypto Mining Farms

Engaging employment and circumvent sanctions through crypto mining
  • The reports stating the need and capturing the opportunity for employee engagement.
  • The aim is to reduce electricity losses.
  • The Government of Iran’s growth perspective to enhance more employment in the country.

The proposal of crypto mining farms by the Iranian Government

Iranian Government has proposed using Cryptocurrency as one of the key factors to increases the rates of employment in their country. According to the reports by one of the local media agencies, the report states that the mining of digital currency in Iran will boost the economy by engaging more and more employment in the nation. The establishment of mining farms will make people’s employment possible for its monitoring process.

The employment and engagament mission of Iranian Government

The need for monitoring, repair, operational activities, electrical engineers, technical staff, etc., can be seen in establishing mining farms. This will make an engagement process of more workforce to run the farm. This will automatically raise the employment rate and thus the economy. The reports added for establishing more and more mining farms in Iran. The suggestion too came with the proposal stating the employment of nine people in every megawatt of electricity consumption. Thus, the report clearly urges the Government to establish and regulation frameworks for cryptocurrencies in the country. Regulation on cryptocurrency will help the country prevent the outflow of foreign currencies from Iran.

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On the other hand, the reports clarify the point of cryptocurrency mining that provides the opportunity for the Government of Iran to circumvent sanctions. It explains that the newly extracted bitcoins are not easily traceable; thus, they are more preferred than existing on International Exchanges. Creating more mining farms will help the Government or the country reduce electricity losses. As a part of the conclusion, the report focuses on collective mining pool creations in the economy. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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