Iran banned cryptocurrency mining in May 2021 due to power outages across the country. Iran announced that it lifted the ban this month.
Iran, which banned crypto mining by blaming illegal cryptocurrency mining due to long-lasting power cuts in the country, aimed to prevent power cuts with the regulations and crypto mining laws.
Crypto Mining Should Get License
Iran has requested crypto miners to use renewable energy. Those who want to mine cryptocurrencies have to obtain a license, which is subject to many rules. It was stated that it is not easy to get this license and it will not be given to everyone who wants it.
Crypto Miners Will Pay Increased Electricity Bill
Saying that crypto miners consume more electricity than normal citizens, Iranian officials stated that with the legislation, licensed crypto miners will pay more expensive electricity bills for this reason.
Miners Will Be able to Sell the Cryptocurrencies They Produce to the Central Bank of Iran
Iran aims to bring many conveniences to crypto mining in the long run with the legislative arrangement. For now, although the legislation brings restrictions, miners will be able to sell the cryptocurrencies they produce to the Central Bank of Iran.
More Convenience Will Be Provided With New Projects
In addition, it is aimed to produce 10 thousand megawatts of renewable energy in order to alleviate the electricity bill burden of crypto miners and to supply enough electricity to crypto mines. It was underlined that when this project comes to life, both Iran’s electricity problems will be solved and cheap electricity can be provided to crypto miners.
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