Crypto Mining Set To Boom In Iran As Government Approve Power Plants

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Iran crypto (Courtesy: CCN)
Iran crypto (Courtesy: CCN)

Crypto mining in Iran might see a surge as the government in the country has approved power plants for the mining of cryptocurrencies like Bitcoin (BTC). It is a positive development on the virtual currency mining front to come out of the country in the last year.

Crypto mininig in Iran was legalised back in 2019 and since then the authorities in the country have tried to ensure that the market participants operate after obtaining license.

As Iran has now allowed for power plants to engage in crypto mining, the country is now the latest to emerge in the global “hash wars” gathers pace.

In Iran there has been large number of miner, significantly due to its cheap electricity. It has also helped Iran become one of the major miners outside China.

Iranian authorities have given the go-ahead for power plants to mine cryptocurrency. However, the authorization comes with a caveat, as power plant operators cannot use subsidized fuel.

“It’s a great achievement as it indicated the Iranian government has recognized the crypto mining industry as a fact! It means that cryptocurrency can be considered as a legal and regulated asset by which people can do something for their business and life,” Babak Behboudi, co-founder of digital asset trading platform SynchroBit Hybrid Exchange told Cointelegraph.