{"id":248188,"date":"2020-01-27T03:57:09","date_gmt":"2020-01-27T08:57:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=248188"},"modified":"2020-01-27T03:57:09","modified_gmt":"2020-01-27T08:57:09","slug":"iran-licenses-more-than-1000-crypto-mining-firms","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/iran-licenses-more-than-1000-crypto-mining-firms","title":{"rendered":"Iran Licenses More Than 1000 Crypto Mining Firms"},"content":{"rendered":"

Crypto mining in Iran has proved to be extremely popular due to the country\u2019s meager electricity costs. Crypto mining<\/a>, when you get down to it, turns a profit if the electric bill is lower than the value of the amount of crypto you mined. The lower the electric bill, the higher the profit. In the latest development of Iran trying to rein in rampant illegal mining, the country\u2019s Ministry of Industries, Mining and Trade issued out over 1000 licenses. These licenses are focused on cryptocurrency mining units, according to reports<\/a>.<\/p>\n

Massive Potential Income<\/strong><\/h2>\n

As it stands now, only a fraction of the mining operations is now officially sanctioned by the country\u2019s government.<\/p>\n

An official from Iran\u2019s ICT Guild Organization, one Amir Hossein Saeedi Naeini, interviewed with IBENA news. Within this interview, he explained that many people in Iran are attracted to the idea of crypto mining as a whole. With this widespread interest, Naeini told that his firm\u2019s studies show a potential market of $8.5 billion, something that would give Iran\u2019s economy an incredible boost.<\/p>\n

Unfriendly Environments<\/strong><\/h2>\n

Developing on this thought, he further suggested that modifying the electricity rates would also boost the country\u2019s crypto mining industry, which would further generate revenue.<\/p>\n

\"\"<\/a><\/p>\n

Naeini pushed the narrative of crypto, helping Iran\u2019s economy even further. He explained potential investors are mainly leaving Iran due to the fact that neighboring countries offer incentive programs for crypto mining. With this in mind, Naeini suggests that Iran should take this as a guide and further support the country\u2019s smaller investors. With the high tariff rates and strict regulations, Iran has rendered its crypto mining industry only worth the time of powerful investors that can scale up to gain a profit.<\/p>\n

Fine Line Between Profitable And Useless<\/strong><\/h2>\n

The ICT Guild Organization had recently criticized<\/a> the Iranian government due to these exact tariffs. In short, the group described it as \u201cirrationally high power rates\u201d for miners authorized by the state. The group advocated that the taxation was too high for businesses to deem it a viable venture, which will push money out of the country. The Energy Ministry, in turn, responded that it had revised its tariffs once more, basing it on seasonal power consumption<\/a>. With this, the country will have a \u2018winter\u2019 period where the crypto mining industry will die down due to costs. Somewhat ironically, this \u2018winter\u2019 will happen in the hottest months of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto mining in Iran has proved to be extremely popular due to the country\u2019s meager electricity costs. Crypto mining, when you get down to it, […]<\/a><\/div>","protected":false},"author":1717,"featured_media":157039,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7598,8468,7571,7893],"acf":[],"yoast_head":"\nIran Licenses More Than 1000 Crypto Mining Firms<\/title>\n<meta name=\"description\" content=\"The lower the electric bill, the higher the profit. 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