1,000 Cryptocurrency Mining Licenses Issued In Iran

By Adrian Cruce

Reports show that the Iranian government issued over 1,000 cryptocurrency mining licenses since the industry started to be regulated. This led to the creation of several mining farms in Iran. The smaller investors are kept away because of higher electricity tariffs.

Amir Hossein Saeedi Naeini, An ICT Guild Organization official, talked about the cryptocurrency mining industry in the country in an interview conducted by Ibena. He declared that the industry is new but that Iran is attractive for many businesses. Miners do need to get a mining license so he went on saying:

“The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.”

Amir Hossein Saeedi Naeine thinks that the industry can easily help the economy of the country. Even so, he did say that electricity costs can be a challenge for miners. Industrial and large farming mines were set up though. He went on to say:

“the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.”

The Crypto Mining Law In Iran

The cryptocurrency mining industry in Iran started to be regulated last year when the government recognized its existence. Miners have to be licensed before operations begin.

The industry’s recognition followed different government authorities that started cracking down on crypto miners that were accused of having used subsidized power. During June 2019, the state television in Iran reported the fact that around 1,000 BTC mining machines were seized by authorities in abandoned factories.

Another thing that was mentioned is that discussions are now underway in order to set some favorable electricity terms for miners. At the same time, Hassan Rouhani, Iranian President, talked about creating a special unified cryptocurrency that would be used by Muslim countries.