Several Licenses Issued To The Crypto Mining Industry Of Iran

Several Licenses Issued To The Crypto Mining Industry Of Iran

Tehran Province, home to Tehran which is the capital city of Iran was given a license to have a functional crypto mining farm. However, in accordance with the previous week’s reports from the Financial Tribune Ministry of Industries, Mining and Trade of Iran gave out 30 licenses so that crypto mining farms will be created in different parts of the country.

From information on the official website of the ministry, different provinces were given varying numbers of licenses to establish mining centres for crypto. Semna province got six of such. Nonetheless, Tehran Province was given only one. The ministry also gave out 2,579 permits to the end that crypto mining firms may be set up all over the country. Zanjan province got 305 out of these permits, Fars province got 262 and West Azerbaijan was given 247.

The report stated that Iranian firms can lawfully engage in crypto mining enterprise when issued an operation license. However, from now henceforth, qualified and interested Iranian citizens are can tend in their request to obtain permits in other to establish their firm.They are expected to do this within one year after which they can demand for a license of operation.

The report stated explicitly that crypto mining was a lawful venture in Iran according to the 2019 provisions made by authorities in that regard. Even though it is lawfully acceptable to engage in mining in Iran, authorities however frown at illegal mining because of the extra pressure it puts on the country’s electricity grid. Cryptocurrency mining firms are essentially charged higher energy fees than other electricity consumers.

The latest development comes immediately after the Iranian president declared that Bitcoin mining would be halted in the country till September in other to reduce pressure on the country’s power supply. In the previous week specifically on Tuesday, the police impounded over 7,000 mining rigs at a site in the capital city. The crypto mining site was allegedly the biggest illegal farm and had a massive impact on Iran’s energy.

Data from the power company revealed that over 188,000 crypto mining facilities have been impounded over a one-year period. These equipment has cost the country about 189 trillion rials ($4.2 billion) loss on the national power grid.



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