Iran Brings New Regulation to Crypto Mining

While the doors of a new economic world are opening with cryptocurrencies, countries are bringing regulations for their fields of activity in the crypto market. Taking the issue of cryptocurrency mining to the next level, Iran has changed its mining law.

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Crypto Miners in Iran Will Get Electricity Cheaply

Iranian Ministry of Energyhas changed some cryptocurrency mining regulations to make it easier for cryptocurrency miners to access renewable energy.

Under the regulated rules, licensed miners in the country will now be able to purchase electricity produced from renewable sources at lower fees.

Iranian Electricity Generation, Transmission and Distribution Company (Tavanir) official Mohammad KhodadadiHe stated that until now, miners in the country have only been able to work with renewable power plants located in the same state. This has changed with the new regulation.

In the report cited by the Financial Tribune newspaper, it was also stated that Iranian companies that legally mine with clean energy will not pay tax fees to use the country’s electricity grid.

The government agency also increased penalties for illegal mining activities by 400 percent, promising to introduce strict measures against unlicensed cryptocurrency miners. According to official figures released in May, the Iranian government has identified and shut down nearly 7,000 illegal digital coin minting facilities.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.