Iran may soon ask Iran Bitcoin mining operators to pay the full price of electricity, if a report by the Financial Tribune is accurate.
According to the report, Iran’s Minister of Energy Homayoun Haeri has said that crypto miners operating from Iran should be paying “real prices and not be subsidized by the government”.
The state reportedly has an energy subsidy of about USD 1 billion, translating to Iranians paying only a small fraction of the actual cost to produce the electricity. A government prohibition has been extended to the mining and trading of crypto like Bitcoin, yet these activities have continued to grow, especially since power is cheap in Iran.
US imposed sanctions are making Bitcoin even more attractive, as it has proven to be a useful asset to mine and trade, and then send to or receive from overseas. Bitcoin News has written about how Iranian students in the UK are successfully using Bitcoin to overcome sanctions that have limited their banking and remittance options. Last year, the US government attempted to sanction Bitcoin addresses owned by Iranian nationals; their attempts were predictably mocked online.
A CoinDesk report describes how blockchain researcher Nima Dehqan has accepted visitors from Armenia, France, Spain and Ukraine to his crypto farms in Iran and has already entered an agreement with a Spanish investor to build a new mining farm in Iran. There have also been other reports online of how older mining rigs are being fired up in Iran, as cheaper power can offset the lower yields from older mining rigs.
Dehqan had explained that foreign interest in Iran Bitcoin mining is driven foremost by the low price of Iran power, which is not even USD 0.01 per kilowatt-hour.
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