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Iran Authorities Allows Powerplant Mining Bitcoins

To help the Bitcoin grow in the country, Iran authorities have allowed powerplant mining bitcoins.

According to a statement by Islamic Republic News Agency (IRNA), Mostafa Rajabi Mashhadi, a Deputy Managing Director at Tavanir, Iran’s Power Generation, Transmission and Distribution Management Company, said power plants in the country could operate as Bitcoin mines “if they comply with approved tariffs” and have the necessary licenses.

He also added that now we’re in a situation where the supply of electricity is of great importance to the public.

“We will not allow anyone to misuse tariffs provided for the agricultural and industrial sectors to produce Bitcoin while it’s worth more than $9,000.”

A IRNA spokesman had said that for the electricity industry said 14 crypto miners in Iran had requested more than 300 megawatt (MW) of power — equivalent to the usage across three provinces in the country. The tariff scheme for crypto miners in Iran is dependent on market factors such as fuel prices in the Middle East.

Mashhadi estimated in 2019 that the production of a single Bitcoin would use only about $1,400 in state subsidies.

People who expose illegally operating cryptocurrency mining companies in Iran also receive a bounty of up to 100 million Rials, or $2,375.

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