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Power plants in Iran are allowed to mine cryptocurrencies, confirmed the deputy head of the country’s power generation, distribution and transmission company (Tavanir).
Mostafa Rajabi Mashhadi, deputy head of Tavanir, explained that the entities must apply for the necessary licenses from the Ministry of Industry, Mines and Trade and comply with the rates set for crypto mining. He told the IRNA publication on Monday:
Power plants must submit their claims and follow the approved rate set for cryptocurrency mining centers.
The miners have started operations in Iran to take advantage of the country’s subsidized electricity tariffs. The data show that mines in Iran pay $ 0.01 to $ 0.05 for one kilowatt hour (kWh) of electricity. However, the tariffs increase fourfold during the peak summer season, prompting Tavanir to announce that it will cut electricity tariffs for miners by up to 47% during peak consumption periods.
Rajabi Mashhadi noted that permits were recently issued to 14 cryptocurrency mining farms, each with a capacity of 300 megawatts, as reported by news.Bitcoin.com. Furthermore, more than 1,000 bitcoin mining licenses had previously been issued, including for Iminer, a major bitcoin mining operation based in Turkey.
Rajabi Mashhadi also pointed out that anyone who reports illegal cryptocurrency mining farms will be rewarded. “The supply of electricity is of great importance to the public” and “we will not allow those who abuse the tariffs provided for the agricultural and industrial sectors to produce bitcoins”, he concluded.
Iranian President Hassan Rouhani called for the creation of a Muslim cryptocurrency in December last year in partnership with Turkey and Malaysia. Recently, he supported the creation of a national cryptocurrency mining strategy to allow the country to thrive economically amid US sanctions.
What do you think of power plants in Iran mining bitcoin? Let us know in the comments section below.
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