RATE Group | Miners Flock to Iran Where Bitcoin Mining Is Set to Be Sanctioned
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Miners Flock to Iran Where Bitcoin Mining Is Set to Be Sanctioned

12 Jul Miners Flock to Iran Where Bitcoin Mining Is Set to Be Sanctioned

Posted at 23:18h in Bitcoin News by

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According to regional reports, the Central Bank of Iran (CBI) is planning to allow licensed cryptocurrency mining as long as operations are charged for electricity based on the price of export. The CBI governor, Abdol Nasser Hemmati, explained that mined cryptocurrencies should flow back into the Iranian economy.

Also read: Bitcoin Miner Recounts Struggle to Obtain Cheap Iranian Power

Chinese Miners Negotiate With Iranian Leaders to Set Up Mining Operations in the Free Trade Zones

In December 2018, there were reports of miners stemming from China, Spain, Ukraine, Armenia, and France to mine bitcoin in the oil-rich nation of Iran. The Middle Eastern country has extremely cheap electricity rates, and in April there were even more stories of Chinese miners heading to Iran for extremely affordable electric prices at $0.006 per kilowatt-hour (KWh). Then, at the end of June, the spokesperson for Tavanir, an Iranian state-operated grid entity, said that electrical…

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