Iranian Government Gives Green Light to Set Up Bitcoin Mining Farm

Iranian Government Gives Green Light to Bitcoin Mining Farm to Set Up In Iran

The Iranian government has reportedly issued a license to iMiner, a Bitcoin (BTC) mining company based in Turkey, to establish their mining farm in Iran.

A few days ago Tabnak published the new development. According to the report the license issued by the Ministry of Industry of Iran will allow iMiner to deploy 6,000 Bitcoin mining machines in the Semnan city of the country.

A report also indicated that the country currently has more than 148,000 Bitcoin (BTC) mining machines in use.

The new deployment will help iMiner operate at a total capacity of 96,000 terahashes per second (TH / s) according to the report.

The report further stated that about 311 billion rials worth $7.3 million were invested by the mining company in establishing the mining farm. The mining farm is currently, as the report states, the largest in the country.

It has already secured an office in Tehran city of Iran, for administrative purposes, according to the information on the official website of iMiner. And it had provided services as well but in an informal way. So, since the company is licensed now, it could begin to provide formal services in Iran.

The mining company has reportedly more than seven years of mining experience with its impacts in the United States, Turkey, Russia, Canada and Iran.

Crypto Mining Activity in Iran

The Iranian government legalized crypto-currency mining as industrial activity in July 2019, as a report has it. Since the country’s government issued over 1,000 licenses to various crypto-mining firms.

To ease the mining activity and costs, electricity rates were subsidized by the country’s government. This move encouraged the miners to flock into the country in numbers.

Miners are charged a relative $0.11 per 1 kilowatt-hour (kWh) of energy, according to Financial Tribune. However, the billing changes to relative $0.46 per kWh between June and September.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.