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Iranian government considers authorising cryptocurrency mining; believes mined tokens should return ‘to the national economic cycle’

Carol Gaszcz
Amid the shutdowns of cryptocurrency mining operations, the Iranian government is considering allowing cryptocurrency mining. The governor of the Central Bank of Iran, Abdol Nasser Hemmati, has said the Iranian government is planning the authorisation of mining, pressTV writes. The post Iranian government considers authorising cryptocurrency mining; believes mined tokens should return 'to the national economic cycle' appeared first on The Block.

Amid the shutdowns of cryptocurrency mining operations, the Iranian government is considering allowing cryptocurrency mining.

The governor of the Central Bank of Iran, Abdol Nasser Hemmati, has said the Iranian government is planning the authorisation of mining, pressTV writes

Cryptocurrency mining has become popular in Iran due to low electricity prices. Miners have been taking advantage of subsidised energy, and the operations have reportedly led to a seven per cent increase in energy consumption in the country. In June, Iranian authorities announced miners would face power cuts and seized approximately 1,000 bitcoin miners set up in two former factories.

However, the government set two conditions.

“Mining of the international digital currencies should be done based on the price of electricity for export,” said Hemmati. “What’s more important is that these mined currencies should be fed back to the national economic cycle.”

Therefore, the government is looking into ways of making money in the face of the U.S. energy sanctions.