NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Iranian Government Plans to Authorise Cryptocurrency Mining

Rick Delafont
Rick Delafont
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Abdol Nasser Hemmati, the governor of the Central Bank of Iran (CBI), announced yesterday that the government plans to authorise the mining of digital assets in the nation. However, those running computer systems to profit from their support of cryptocurrency networks will be charged for electricity at the country’s export price rather than the cheaper, subsidised rate.

Iran has reportedly become quite the hot spot for Bitcoin mining in recent months, thanks largely to its generous electricity subsidy. There are even reports of Chinese cryptocurrency miners relocating to the country to take advantage of the cheap rates.

New Executive Law to Authorise Cryptocurrency Mining in Iran

According to a report in domestic news publication PressTV, the governor of the CBI stated yesterday that the national government has already approved sections of an executive law that would allow for the mining of cryptocurrency by Iranian citizens.

Cryptocurrency miners are always on the lookout for cheap electricity to run the required sophisticated computer systems.

Abdol Nasser Hemmati added that there would be conditions to the authorisation. Firstly, he stated that the electricity rate charged to those mining cryptocurrency would be at the nation’s export rate. This ranges from about 7c to 10c per watt. Previously, many of the nation’s digital asset miners were using the heavily subsidised rate charged to regular Iranian citizens. At just 5c per watt, it’s understandable why such a surge in the activity has been reported lately.

The second condition stated by the bank governor was that mined cryptocurrency should “be fed back to the national economic cycle.” Presumably, this is a measure intended to crack down on the Chinese miners suspected of setting up in Iran to take advantage of the low-cost energy.

Interestingly, Hemmati added that any new currencies backed by other assets – currencies, gold, or anything else – would not be permitted by the CBI.

The announcement by the Iranian central banker comes as something of a surprise given recent events in the nation. The surge in the numbers of cryptocurrency miners exploiting the subsidised power there forced authorities to launch a crackdown. In the process, they reportedly seized thousands of computer systems from factories, greenhouses, mosques, and other locations.

Perhaps more baffling is the fact that cryptocurrency trading is currently illegal in Iran. NewsBTC reported on the nation’s deputy governor for new technologies confirming as such earlier this week. Those prosecuted for the activity could serve up to five years in jail. How the newly-authorised Iranian cryptocurrency miners are supposed to sell the cryptocurrency they are rewarded is anyone’s guess.

Many analysts have previously stated that Iran could benefit from adopting a cryptocurrency as a way to counteract the US economic sanctions against it. However, judging by its stance towards the technology in recent years, the nation seems more cautious to explore this, or better at hiding it, than the likes of North Korea.

 

Related Reading: Report: North Korea Is Evading US Sanctions Using Cryptocurrencies

Featured Images from Shutterstock.
Tweet123Share227ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

加密貨幣集體上升 比特幣目標價13萬美元!現在下注百倍幣有哪些?

宏觀轉向牛市訊號紛至沓來,七月的開局猶如多頭列車啟動信號響起。加密貨幣市場全面走強,比特幣升穿11萬美元關鍵區間,以太坊亦隨之上攻,迷因與山寨代幣板塊迅速接棒,整體市值隨之水漲船高。 這場漲勢並非空穴...

Mark Mak 4 hours ago

Under Stress: Tron Revenue Drops As Nearly $190M Flows Out

TRON’s token TRX has barely budged despite a flurry of on‑chain action. Traders saw a 5% gain over the past...

Christian Encila 6 hours ago
青色のプレゼントボックスの上にあるBTC

Bitunixボーナスキャンペーン開催中|最大710ドルの獲得手順

世界中のトレーダーに選ばれている暗号資産(仮想通貨)取引所 Bitunix が、新規ユーザー向けに最大710 USDT相当が獲得できる特別キャンペーンを実施しています。 期間は2025年3月18日から...

rinsuzuki 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP koers kan 78% stijgen na wedge breakout

XRP koers kan 78% stijgen na wedge breakout

Lars Diederiksen 1 hour ago
Litecoin, Aptos, Polkadot, SUI, chainlink, Stellar

SUI Prepares For Bullish Flag Breakout Amid $3 Reclaim – Analyst Doubles The Target

Rubmar Garcia 1 hour ago

BTC-майнеры держат монеты, несмотря на низкую прибыль

lisachaikina 3 hours ago

Premium Sponsors

Press Releases

  • Dự Đoán Giá Fartcoin: Meme Coin Tiềm Năng FARTCOIN...

    1 hour ago
  • CertiK Validates FUNToken’s

    CertiK Validates FUNToken’s Smart Contract Strength With...

    1 hour ago
  • Explore Potential Coins

    Peter Thiel của PayPal Hậu Thuẫn Ngân Hàng Crypto...

    1 hour ago
  • Altcoin season uitgesteld? Bitcoin dominantie houdt kapitaal weg van XRP, SOL en ADA

    Những Altcoin Nên Mua Tháng 7 – USELESS, BROCCOLI...

    2 hours ago
  • Cloud Mining

    Free QFSCOIN Cloud Mining Regulated By US Law Launches BTC...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.