RATE Group | Is Central Asia the New Safe Haven for Crypto Mining Amid Iran-US Crisis?
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Is Central Asia the New Safe Haven for Crypto Mining Amid Iran-US Crisis?

18 Jan Is Central Asia the New Safe Haven for Crypto Mining Amid Iran-US Crisis?

Posted at 19:37h in Cryptocurrency News by

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Recently, the cryptocurrency mining community has been shaken with rumors of Chinese miners leaving Iran — where crypto mining is authorized as an industrial activity — for Central Asia. The move has ostensibly been taken in an attempt to find a new safe haven amid the tensions between the United States and Iran, as well as rising oil and energy prices.

Iran’s attraction for crypto mining operations lies in subsidized electricity rates — as of July, 0.7 cent per kilowatt-hour (kWh), — which had purportedly even prompted miners from mining centers such as China to relocate their operations to the country.

The welcoming environment for crypto mining farms also pertains to Iran’s effort to transform into a hub for digital currency and blockchain adoption in response to escalating economic sanctions imposed by the U.S.

Following the legalization of crypto mining in the country, the Ministry of Industry, Mine and Trade began issuing licenses for the activity, which resulted in…

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