Iran Allows Bitcoin Mining In The Country
Iran allows bitcoin mining within the country with regulations due to the increase in the number of large bitcoin mining firms in the country, reported on 22 October 2019.
As per the governor of the country’s central bank, Abdolnaser Hemmati, the bitcoin mining as well as the other cryptocurrencies mining is legally approved by the government’s economic commission of Iran.
“We do believe that the cryptocurrency industry should be recognized as an official industry in Iran to let the country take advantage of its tax and customs revenues.”
Head of the economic commission of the Iranian Parliament, Elyas Hazrati
The number of new bitcoin mining firms were increased recently due to low electricity cost by which it takes approx $3200 to mine 1 Bitcoin, that directly caused the 7% increment in the total energy consumption in the country
Previously, The Government of Iran proposed the new law regarding cryptocurrency markets that restricted trading activities in the country using cryptocurrency.
