Category: CRYPTOCURRENCY

Reportedly, the Iranian Economic Commission has finalized a tariff scheme in regard to cryptocurrency miners. This was reported by the Iranian economic daily Financial Tribune on July 21.According to the report, Homayoon Ha’eri, the Energy Minister announced that the tariff scheme for cryptocurrency miners has been finalized. However, it is awaiting approval from the Cabinet of Iran. this cabinet is a governmental body which consists of a number of ministers and other officials. These members are specially chosen by the president of Iran. Although, Ha’eri has denied elaborating on any exact price but, he mentioned that the price is dependent on a number of market factors. These factors include fuel prices in the Persian Gulf. Ali Bakhshi, the head of Iran Electrical Industry Syndicate earlier presented a price of $0.07 per kilowatt-hour for the Crypto miners. Due to governmental subsidies, the price of electricity in Iran is currently very low. At present, the price of one-kilowatt-hour electricity os as low as $0.05. Moreover, power is cheaper in the agricultural and industrial sectors. Mostafa Rajabi Mashhadi who is the Energy Ministry spokesman for the power department put these prices in context. He reported that about $1,400 in state subsidies is used for the production of a single Bitcoin (BTC). Further, The Financial Tribune elaborated that for mining of one bitcoin the energy put in use is equivalent to the power used by 24 buildings in Tehran in a year. The news today was followed by an announcement made by the Central Bank of Iran (CBI). This announcement stated that the governor of the bank, Abdol Hemmati says that CBI is looking forward to authorizing crypto mining. In parallel to today’s statement by the Energy Minister Ha’eri, Hemmati has said that the planned law will require crypto mining in Iran to oblige with the price of electricity for export. Hemmati’s statement implied that the crypto miners will have to stay away from the internal energy grid which is highly subsidized. Do you think this law and acceptance of crypto mining in Iran will have a huge effect globally? Let us know in the comment section below!