Jul 12, 2020, 10:28 PM

Iran issues license for 14 crypto mining centers

Iran issues license for 14 crypto mining centers

TEHRAN, Jul. 12 (MNA) – According to the deputy head of Tavanir company, the Islamic Republic has issued permits for the activity of 14 cryptocurrency mining centers, each with a capacity of 300 megawatts.

As Mostafa Rajabi Mashhadi said the government has identified 1,000 illegal cryptocurrency mining farms that are distributed all across the country.

As reported, the Ministry of Industries, Mining and Trade has issued 1,000 plus licenses for cryptocurrency mining units so far. A limited number of authorized mining farms currently are active across the country. 

Iranian Vice President Es'haq Jahangiri announced on July 6 that the country’s cryptocurrency miners will soon have to register their rigs with the government. 

Under the directive miners will have to disclose their identities, the size of their mining farms and their mining equipment type with the Ministry of Industry, Mines and Trade. 

Miners will have a month to register their equipment, according to the Ministry, which will then publish a list of licensed mining centers.

Jahangiri’s announcement is the latest in Iran’s cat-and-mouse game with the country’s illegal crypto miners, who smuggle in rigs and are sometimes caught. 

Iran authorized crypto mining as industrial activity in July 2019, and since then, the country’s government has issued over 1,000 licenses to crypto mining firms.

Iran’s subsidized electricity rates have led to several miners flocking to the country.

Miners are reportedly charged $0.11 for one kilowatt-hour (kWh) of energy. During the peak summer season (June to September), however, the charges are higher at $0.46 per kWh.


News ID 160866


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