Iran’s ministry of energy wants crypto miners to pay their due on electricity

Iran crypto mining

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According to a statement by the energy minister of Iran, the crypto miners of the country are due to pay their share of energy prices that they have been avoiding for far too long now.

Iran has a very forgiving subsidy on energy consumption on its population. In fact, it spends around $1 billion in order to provide cheaper prices for the population compared to real prices paid for consumption.

According to the minister, crypto miners have been using this feature for their own benefit while not giving back to the community. This may be an accurate comment simply due to the fact that, even though most miners took a large hit during the crypto winter, Iranian miners were still able to turn a profit.

Now that Iran’s economy is under a lot more pressure from US sanctions, it cannot afford to continue the subsidies for everybody, therefore commercial personas are supposed to pay the real price, which would be quite a large hit on the miners’ profit margins.

Despite this announcement, Iran’s ministry of energy remains quite favorable to digital currencies, alongside the ministry of communications and the central bank. They have jointly recognized crypto mining as a legitimate industry, however, have now started to put forward an idea for crypto mining regulations in the wake of a complete economy revamp.

The country’s authorities have come out numerous times, mentioning that they support the creation of a nationalized digital currency for the safekeeping of their fiat currency, which constantly takes hits due to US sanctions.

Nevertheless, it’s likely that miners will have to pay increased costs on electricity, simply due to the introduction of the regulation.

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Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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