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In recent months, cryptocurrency advocates have focused their attention on Iran. Iranian President Hassan Rouhani started a new mining strategy last May and 14 government-authorized bitcoin mining farms in July. According to China’s Lubian mining operation, it claims to run one of these regulated bitcoin mining companies in the oil-rich nation.
The Cambridge Bitcoin Electricity Consumption Index or “Bitcoin Mining Map” attempts to visualize the geographic distribution of the global Bitcoin hashrate. Iran is the sixth most powerful country in terms of global hashrate.
Of course, China consumes a large amount of global hashrate, and Chinese miners also have a strong relationship with the oil-rich nation of Iran. In April 2019, news.Bitcoin.com reported on Chinese miners migrating to Iran for cheaper electricity rates.
At the time, it was difficult for bitcoin miner, Liu Feng, to bring his ASIC mining rigs to the country. However, when the miners entered Iran, they had access to extremely affordable electricity prices ($ 0.006 per kilowatt hour).
However, the Iranian government caught the wind of these unlicensed operations when some subsidized organizations like mosques were caught mining bitcoin with near-free electricity.
The government then imposed clearance for mining companies, and the electricity tariff was raised at fluctuating export prices depending on the season. More recently, President Hassan Rouhani started a bitcoin mining strategy and the government is focused on strengthening the sector.
China’s Lubian.com mining operation recently told financial reporter Vincent He that the company operates one of the largest regulated farms in Iran.
Lubian co-founder Liu Ping explained that he has a partnership with a power plant in Iran and the investors are both Iranian and Chinese. Power companies in Iran can now host bitcoin mining operations. Unlike Chinese miner Liu Feng who had a bad time with customs to get ASIC mining rigs across the border, Liu Ping said his company has no problems with clearance.
“We have our own customs clearance channels as we have the experience of setting up the logistics company,” said Liu Ping. “And we have good local resources in Iran, and we have maintained good relations with the Ministry of Energy, the Ministry of Foreign Affairs and even the Iranian military,” added the miner.
Lubian is a relatively new mining operation and more recently was the sixth most powerful mining operation in terms of hashrate. Today, Lubian has about 3% of the global hashrate or about 3.86 exahash per second (EH / s).
This places the company in 11th position among a number of mining pools and giant operations such as Poolin, F2pool and Antpool. Liu Ping said the Iranian farm is housed in containers within the lines owned by the power plant.
The Chinese miner also said the deal pays the power company in shares of bitcoin (BTC), as well as traditional means of payment.
“Compared to traditional industries, crypto mining is a profitable business,” concluded Liu Ping. “Apart from the mining pool business, there are currently no other cryptographic financial services business conducted by Lubain.com. At the moment, their purpose is only to mine and accumulate Bitcoins. “
At the time of publication, the BTC hashrate was high at around 135 EH / s and there are 18 mining operations mining the BTC chain.
What do you think of the statements by the co-founder of Lubian.com about bitcoin mining in the oil-rich nation of Iran? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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