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More Than Thousand Crypto Miners Are Given License In Iran

More Than Thousand Crypto Miners Are Given License In Iran

More Than Thousand Crypto Miners Are Given License In Iran-techcryption

According to Amir Hossein Saeedi Naeini, an official with ICT Guild Organization, the Ministry of Industries, Mining and Trade has issued 1,000 plus licenses for cryptocurrency mining in Iran, despite the mining industry is still new.

The permitted licenses are for those large mining farms that are capable of coping and affording the hefty electricity bills, as crypto mining involves a huge computing power and current. Although over 1000 licenses are permitted, smaller units are forced to shut down.

Based on a recent government study in Iran, the mining industry has the potential to add another $8.5 billion to its economy. Remarkably, many believe that the mining industry which is attracting a lot of people to Iran has major potential.

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Notably, the official believes that the operating conditions should not only favour large capitalists, but the mining industry should provide equal opportunities for anyone willing to join. So, to achieve that, Iran would have to modify the electricity rates and terms.

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