Iran issues license to over 1000 cryptocurrency mining firms

The popularity of crypto-mining in Iran due to low electricity costs has been evident. In the latest news, Iran’s Ministry of Industries, Mining and Trade recently issued 1000+ licenses for cryptocurrency mining units, according to a report.

A limited number of authorized mining farms were active across the country.

Amir Hossein Saeedi Naeini, an official with Iran’s ICT Guild Organization, in an interview with IBENA news, said that many Iranians were attracted to the crypto mining industry.

He stated,

“Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.”

Expanding on the same, he suggested that modifying the electricity rates could help boost the crypto mining industry and also generate more revenue.

Further commenting on how crypto mining helped international trading, Naeini stated that most potential investors had left for neighboring countries because they offered incentives for crypto miners. To this, he suggested that Iran should be more supportive of smaller investors, as at present, given the high tariff rates and strict regulations, only large capitalists could enter the cryptocurrency mining market.

In other news, ICT Guild Organization had recently criticized the government for setting “irrationally high power rates” for authorized miners, stating that it was ruining the potentially profitable business. However, the Energy Ministry responded saying it had revised tariffs for authorized miners based on seasonal power consumption patterns.