Iran Permits Power Plants To Mine Bitcoin

• Cryptocurrency mining has been an authorized activity in Iran since July last year and the country’s Ministry of Industry, Mine and Trade has issued over 1,000 licenses to crypto miners

• Iran has given power plants the go-ahead to undertake Bitcoin mining on a large scale as this will spur economic growth from the revenue generated

• It is said 14 power plants had applied for the establishment of cryptocurrency extraction centers with a total capacity of more than 300 megawatts (MW)

• Iran Power Generation, Distribution and Transmission Company (Tavanir) said it will cut up to 47% of the electricity tariff for miners during the peak consumption periods

Source: Bitcoin.com

Aman Gupta

Product Analyst @ Sprinklr, IIT Kanpur alumnus