Power Plants in Iran Are Authorized to Mine Bitcoin

Power Plants in Iran Are Licensed to Mine Bitcoin

Power plants in Iran are permitted to mine cryptocurrencies, the deputy head of the nation’& rsquo; s Power Generation, Distribution, and Transmission Company (Tavanir) has supposedly validated.

Mostafa Rajabi Mashhadi, deputy head of Tavanir, explained that entities have to use for the needed licenses from the Ministry of Industry, Mine and Trade, and comply with the tariffs set for crypto mining. He told IRNA publication on Monday:

Rajabi Mashhadi kept in mind that licenses have actually recently been provided to 14 cryptocurrency mining farms, each with a capability of 300 megawatts, as news.Bitcoin.com reported. In addition, more than 1,000 bitcoin mining licenses had previously been released, consisting of for Iminer, a major bitcoin mining operation based in Turkey.

Miners have been establishing operations in Iran to benefit from the country’& rsquo; s subsidized electrical power rates. Data reveals that mining farms in Iran are paying as little as $0.01 to $0.05 for one kilowatt-hour (kWh) of electrical power. However, the rates increase four-fold throughout the peak summer season, triggering Tavanir to announce that it will cut up to 47% of the electrical energy tariffs for miners during the peak consumption durations.

The power plants should send their requests, and follow the authorized tariff set for cryptocurrency mining centers.

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Information shows that mining farms in Iran are paying as little as $0.01 to $0.05 for one kilowatt-hour (kWh) of electricity. The rates increase four-fold during the peak summer season, prompting Tavanir to reveal that it will cut up to 47% of the electricity tariffs for miners throughout the peak consumption durations.

Iran’& rsquo; s President Hassan Rouhani required the development of a Muslim cryptocurrency in December last year in cooperation with Turkey and Malaysia. Recently, he supported the production of a national cryptocurrency mining technique in order for the nation to succeed economically in the middle of U.S. sanctions.

Rajabi Mashhadi also stressed that anyone reporting illegal cryptocurrency mining farms will be rewarded. “& ldquo; The supply of electricity is of excellent significance to the general public” & rdquo; and & ldquo; we will not enable those who misuse the tariffs offered the industrial and agricultural sectors to produce bitcoins,” & rdquo; he concluded.

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