Billion dollar Bitcoin mining industry resumes in Iran after three month ban
The extreme heat of the summer has subsided, so crypto mining has been given the green light as it can no longer be blamed for stressing the electricity grid. The Iranian government will allow licensed cryptocurrency miners to resume operations today following a three-month ban imposed by former President Hassan Rouhani on May 26th, 2021.The initial ban was put into effect due to concerns over the stability of the country’s unreliable power grid.The middle eastern country experienced widespread power outages in the summer, which former President Rouhani attributed to extreme heat. On some....
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The government of Iran has reportedly started issuing licenses to crypto miners under the new “comprehensive and detailed” regulatory framework approved last week. The authorities previously issued licenses to a number of crypto mining operations but halted the process due to power consumption and illegal mining issues.
Iran Resumes Issuing Licenses to Crypto Miners
The Iranian government approved a set of “comprehensive and detailed” crypto regulations during a meeting last week that include provisions for crypto mining.
Reza Fatemi Amin,....
Since Iran began recognizing cryptocurrency mining as an industry, it has reportedly shut down 1,620 unauthorized crypto mining farms. Crypto miners initially welcomed the recognition but later said that the electricity tariffs were too high. 1,620 Crypto Mining Farms Shut Down in Iran Iranian authorities have reportedly closed down 1,620 illegal cryptocurrency mining farms since the country started recognizing cryptocurrency mining as a legal industry in July 2019. The Financial Tribune reported Monday that these mining farms were using 250 megawatts of electricity. Many of the....
On Jan. 29, the governor of the Central Bank of Iran Valiollah Seif officially announced during a national television interview that the US dollar will no longer be used within the country as a response to US President Donald Trump’s controversial temporary travel ban on certain countries including Iran. According to the official statement of the Iranian central bank and Seif, the government intends to terminate the usability of US dollars in Iran and replace USD with a stable reserve currency that is more frequently used in foreign trades. Currently, the central bank of Iran are exploring....
Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including additional fines and imprisonment. “Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited.”
New Penalties for Illegal Cryptocurrency Mining in Iran
An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) said the country’s administration will approve new rules to increase penalties for unauthorized....
As Iran plans to scrap the use of US dollar as reserve currency, there are speculations of it being replaced by Bitcoin. Iran could pave the way for the adoption of Bitcoin as a foreign reserve currency. The reports of Iran moving away from US dollar as the preferred reserve currency in retaliation to the travel ban issued by Trump administration has led to this speculation. Until recently, Iran has been under sanctions for its nuclear program. With the sanctions relaxed last year, there were signs of trade and diplomatic relations between Iran and the United States returning to normalcy.....