iMiner, a Turkey-based crypto mining company operating within Iran’s Semnan province, has been issued a license from the Iranian Ministry of Industry, Mining and Trade. With a recorded 6,000 rigs that iMiner’s setup holds, it would make it one of the most extensive crypto mining operations within Iran.
Massive Mining Operation Situated in Semnan
Through an article that was published on the 29th of April, 2020, it’s revealed that the company, based in Turkey, has invested more than $7.3 million into a Bitcoin (BTC) mining farm. This mining farm is situated in Iran’s Semnan Province and will be capable of achieving 96,000 terahashes per second (TH/s) with the 6,000 rigs operating in full force. Crunching the numbers, this leaves an approximate 16 TH/s per rig, on average. Coincidentally, this is the same as the Aladdin Miner, which is listed on the company’s website. It won’t be too far of a stretch to assume that the entire operation has been done via this model and this model alone.
However, it should be noted that iMiner will continue its other operations as well, which consists of custody and trading services it offers to Iran via their Tehran and Semnan locations. In particular, the company holds its offices within Tehran.
Moving To Crypto To Counteract Sanctions
Back in July of 2019, The Iranian government had authorized the classification of crypto mining as an industrial activity. Since then, it has issued more than 1,000 licenses to various crypto mining companies, iMiner included. Crypto miners across the globe are increasingly attracted to the low energy prices that Iran provides, with crypto mining is known for being incredibly intensive in regards to power.
As it stands now, the current pandemic, as well as the sanctions imposed by the United States and other western countries, has made the Iranian economy suffer. Some officials in the Iranian military have suggested that the state should turn to cryptocurrencies to try and help facilitate trading while also importing foreign currency. By doing so, it will skirt the sanctions imposed by the western world.
A Crypto Crime Wave
However, this massive push for innovative technology has led to some unexpected drawbacks. Remarkably, a new black market has risen in Iran, where criminals are smuggling unregistered crypto mining equipment. It’s gone to such a degree that Iranian authorities have started to offer bounties for those willing to expose unauthorized mining operations.
While the idea of a criminal crypto mining ring is mildly amusing, it’s very much a reality for Iran. With the country in a deep throw of economic struggle, the taxation of crypto mining and the money gained from trading in crypto could make it stand on its own two feet once more.