Cryptocurrency mining in Iran to boost economic conditions

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Cryptocurrency mining in Iran has been a controversial topic since the beginning. In the latest move, Iran has issued cryptocurrency mining licenses for over 1,000 cryptocurrencies. Iran turned to cryptocurrency mining once again amidst tension with the United States.

After the death of one of the leading Iranian military commanders General Qassem Suleimani, Iran came to a head to head conflict with the United States recently, while global leaders intervened for peace process in the region.

Iran commenced regulating cryptocurrency mining operations on the governmental level in 2019. A central bank digital currency had also been under deliberation at the same time. At the time, owing to the electricity theft and abuse of the system, the Iranian government went hard on Bitcoin operations.

Overtime cryptocurrency enthusiasts have been reported to ignore the cryptocurrency regulation in order to increase the

Cryptocurrency mining in Iran during 2020

Iranian information and communication technology (ICT) official from Iranian ICT Guild (IIG) Amir Hosseini expressed in a recent interview that the country is turning to the cryptocurrency mining industry eyeing an over eight and a half billion United States dollars worth of revenue generation to the country’s economy.

Hosseini further revealed that the cryptocurrency mining industry – despite strict regulation against electric theft and cost issues – has the capability to boost Iranian economic conditions.

Although hefty electricity costs are keeping small scale investors away from cryptocurrency mining in Iran. While Hosseini believes that the industry must be given a breather. At the time of writing, Iranian regulations demand that the households and nonprofit spaces must not be using non-commercial electricity for commercial mining operations.

Hosseini feels that an overall decrease in the electricity cost and mining infrastructure setup can improve the mining industry operations by many folds.

Featured Image by KDM

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