Iran step closer to opening its doors for crypto mining

The government of Iran has set new tariffs for the crypto currency mining in the country, said a high-ranking Iranian official.

Energy Minister Homayoon Haeri announced that, while the tariff scheme has been finalized, it is awaiting approval from the Cabinet of Iran, Trend reports via IRNA.

"Crypto currency mining requires permit, therefore consuming electricity from power station without permit is illegal," he added.

Iran had formally recognized mining as an industry in 2018, but concerns over high volume of power consumption by miners has created obstacles for crypto currencies.

The country’s heavily subsidized electricity, reportedly charging to as low as $0.05 per kilowatt-hour, makes it an ideal place to run a crypto mining farm. In fact, it was previously reported that Iran has turned into a "hotspot" even for Chinese miners.

The managing director of Iran Blockchain Community has recently indicated that Chinese miners have requested to Bitcoin mining in Iran's free zones.