Iran is one of the places in the world where Bitcoin miners are found in a significant amount. Currently, the Bitcoin miners in the region are being incentivized by the government for jump-starting their rigs. As reported by the local news outlet Financial Tribune, more or less 30 mining corporations are granted practice licenses by the federal authorities.
A few weeks ago, the country’s intelligence agency was busy investigating and shutting down miners who were using illegal sources of energy. On the other hand, Bitcoin is heavily criticized by many other nations for requiring a massive amount of power supply and computation power to solve the cryptic puzzles. However, later on, the president of Iran, Hassan Rouhani later claimed that cryptocurrencies could be beneficial and play their part in the development and progress of the region.
Iran Wants to Regulate Cryptocurrencies and Move Forward with a Planned Mining Program
The government of Iran has shut down around 7000 mining rigs. According to the authorities during the summer both retail and commercial sector was suffering from lack of electricity due to the heavy consumption of illegal mining farms. However, the government has now issued licenses and divided the mining farm all across the region in an attempt to manage the power grid more efficiently.
About six licenses were issued to the Semnan province, and miners in Alborz province claimed four. The crypto enterprises in Zanjan, Mazandaran, and East Azarbaijan also accumulated a few. Only one license was issued to Tehran. Other than the licenses, the federal authorities also issued more than 2,700 property permits.
Bitcoin hashrates have dropped more than 40% since China introduced a blanket ban under its jurisdiction. Hashrates is the ability of a digital ledger to process transactions per second. At present, Bitcoin is resting at 99 Th/S (Tera Hashrate per second). This amount matches the levels of Bitcoin mining as far back as 2019 and 2020.
It seems that hashrates would soon recover as out-of-commission miners are migrating out of China rapidly. Many countries like the USA, Kazakhstan, El Salvador, Panama, Columbia, and others have emerged to invite these miners and introduce mining-friendly policies. At the same time, Salvador is on its way to becoming the first nation to recognize Bitcoin as a legal tender.
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