Iran Amends Regulations to Ease Crypto Miners’ Access to Renewable Energy – Mining Bitcoin News

Blockonomics
Iran Amends Regulations to Ease Crypto Miners’ Access to Renewable Energy – Mining Bitcoin News
Coinbase


Iranian authorities have changed some rules for the crypto mining industry to facilitate its access to green energy. Licensed miners will now be able to buy electricity from renewable energy sources across the country at a lower price.

Iran’s Crypto Miners Allowed to Sourcing Green Energy from Nation

Iran’s Energy Ministry has changed certain cryptocurrency mining regulations to facilitate access to renewable energy for entities authorizing digital currency minting in the Islamic Republic.

Bargqnews announced that a recently issued decree exempts miners from the obligation to use on-site generation capacity and allows them to purchase electricity from renewable sources from across the country and through the national grid.

Mohammad Khodadadi, an official with Iran’s Electricity Generation, Transmission and Distribution Company (Tavanir), pointed out that so far, mining companies have only been able to sign contracts with renewable energy power plants located in the same province.

okex

The report, cited by the English-language business news daily Financial Tribune, also revealed that Iranian companies that use clean energy to legally mine will not be charged regular transmission fees for using the country’s power grid.

The positive change in the mining industry came after Iranian authorities announced their decision in December to allow power plants producing green energy to supply licensed miners. The change is an initiative of the Tehran Ministry of Energy.

Iran has been experiencing power shortages during its hot, dry summers and cold winters, partly due to energy-intensive bitcoin mining. On more than one occasion in 2021, registered crypto farms have been ordered to shut down their power-hungry equipment.

This year, Tavanir again told miners to suspend activity until the end of the summer, citing an expected power shortage due to increased demand due to increased cooling consumption. The restrictions sparked a negative reaction from the country’s crypto community.

The state-owned utility also vowed to take tough measures against unlicensed cryptocurrency miners, raising fines for illegal mining activities by 400 percent. According to official data released in May, the Iranian government has identified and shut down nearly 7,000 facilities for illegally minting digital currencies.

Such simple crypto farms are often powered by household subsidized electricity and have become a popular source of income for many Iranians. In multiple raids to date, Tavanir employees have seized hundreds of thousands of mining equipment.

tags in this story

crypto, crypto miners, crypto mining, cryptocurrency, cryptocurrency, electricity, energy, green electricity, iran, iran, miners, mining, electricity, regulations, renewable resources, renewable energy, rules, transfer fees

Do you think Iran will allow crypto miners to resume operations by the end of the summer? Share your expectations in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

More hot news

in case you missed it

Coinmama

Be the first to comment

Leave a Reply

Your email address will not be published.


*