logo

Crypto miners in Iran to face tariffs

AP19099322154080

Crypto miners in Iran have long been a pain in the neck for the Islamic country’s governing authorities. Last month, news reports arose that leading figures from the government had reprimanded crypto miners for boosting power consumption, pointing fingers at miners for a 7% electricity spike in the nation.

Now, it seems the Central Asian country is finally ready to direct a response to its crypto mining problem. News reports from esteemed sources state that Iran’s Economic Commission has formulated a set of ‘power tariffs’ for crypto miners, founded on the same system of tariffs used for electricity imports.

Apparently the news was put forth by the nation’s deputy energy minister for power and electricity, Homayoun Ha’eri. However, according to reports, although the tariffs have been finalized, they still need to be approved by the nation’s cabinet before being officially instituted.

The minister failed to disclose the specific rates drawn up by the Economic Commission. According to him, electricity export prices are influenced by a multitude of factors, such as fuel prices in the Gulf region.

The news comes in start contrast to events that had been brewing earlier on this month, when the Iranian government was apparently mulling passing an authorization for mining. However, it was supposedly meant to be under two conditions – firstly, that the mining be ‘based on the price of electricity for export,’ and two, that the cryptocurrencies acquired from the mining process be injected back into the nation’s economic system.

Siranjeev Santhanam

Siranjeev Santhanam

Siranjeev has been involved in content development and professional writing for over five years now. He's worked with tech firms, digital management companies and news outlets. Cryptocurrency has occupied one of his top interests for a few years now, and he's really passionate about this booming new sector.

Related News

Hot Stories

Chinese central bank former exec explains why China is wary of crypto
Justin Sun wants TRON (TRX) to be a global legal tender
ICP Price Prediction 2023-2032: Is Internet Computer Resurgence Possible?
What are Stablecoins? Types of Stablecoins and how to Stake them
Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to BEP2

Follow Us

Industry News

Chinese central bank former exec explains why China is wary of crypto
Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to BEP2
SBF speaks on witness tampering allegations
South Korea unveils plans to monitor cryptocurrency in 2023
Yuga Labs co-founder steps down

Add Your Heading Text Here