Power Plants in Iran Start Mining

Annabella Cornelly

According to the most recent reports and news sources that the crypto community receives from Iran claim that the local authorities have finally decided to greenlight all plants generating electricity and from now on these organizations will also be allowed to mine cryptocurrencies.

All of those located in Iran keep discussing this decision and are familiarizing with the regulations that the government has set for power plants across the country’s territory. What publications reveal is that power plants are permitted to do mining. They can work with all sorts of cryptocurrencies, including Bitcoin.

However, just like in many other instances, there are a few points that make the situation less optimistic. For example, Iranian authorities allow mining, but, on the other hand, they say that power plants will not have the right to benefit from subsidies.

The country has lately reported that it would soon allow all power plants operating on an industrial scale across the entire territory to serve as cryptocurrency miners. One of the terms and conditions is that they will not use the fuel that the government subsidizes. In several posts and releases received from the IRNA a couple of days ago deputies said that electricity generating institutions in Iran had the right to operate as BTC mines. At the same time, authorities expect them all to comply with the newly approved tariffs.

Additionally, such organizations have to obtain all necessary licensing and certification. Only approved power plants can operate as crypto mines. Press reports mention that any power plant that intends to deal with this sort of activity cannot utilize subsidized fuel and has to perform crypto mining according to the established rules and laws.

Authorities Set Regulations and Laws

Politicians also admit that right now they are in circumstances where the whole supply of power is of utmost importance to the entire nation. Energy professionals say that they will not permit any organization to misuse or ignore new tariffs that the government provides and applies to various sictors, including industrial as well as agricultural and the mentioned parties will not be allowed to generate cryptocurrencies even though it is currently worth over nine thousand USD.

Numerous mass media outlets mention that Iran has managed to issue almost one thousand licenses for those who are interested in this venture – from now on, this industrial activity is considered to be fully legalized. Reports that we have taken from the IRNA state that the power sector has faced fourteen crypto mining bodies in the country who were willing to request over three hundred MW of electricity.

These figures are actually equivalent to the usage we usually can witness across at least three regions in Iran. Also, the newly formed tariff scheme will greatly depend on market factors. All understand that they will reflect fuel prices in that part of the globe.

Mining consumes huge amounts of electricity; however, Iran’s power is relatively cheap if we compare it to prices outside the country. Calculations prove that the generation of one BTC would consume just around one thousand four hundred USD in state subsidies. Individuals who intend to expose crypto mining firms that operate illegally across the territory of Iran will be given a bounty of approximately one hundred Rials, which is around two thousand three hundred and seventy-five USD.