Iran’s government recognises cryptocurrency mining with caveat | Iran News

After months of debate and speculation, Iran’s government has officially recognised cryptocurrency mining as an industry.

Crypto miners run powerful “farms” of computer gear that compete within a global, decentralised computer network to verify transactions made with cryptocurrencies such as bitcoin.

As approved and notified by the government, mining cryptocurrencies is legal both inside and outside metropolises, in addition to free and special trade zones, provided applicants obtain a permit from the Ministry of Industry, Mine and Trade.

The electricity required by cryptocurrency miners will be provided either from the nationwide grid or through establishing new power plants outside the grid.

The electricity price offered to miners will be equal to the average rial price at which Iran exports its electricity to other nations, or to 70 percent of the average rial price at which the country ships off its natural gas.

The Ministry of Energy and the Ministry of Oil will calculate and…