- Iran is preparing to become a leader in the production of military-technical cooperation
- Mining legalization opens up new opportunities
Iran seeks world domination in crypto mining
Iran is preparing to become a leader in the mining market
Government licenses cryptocurrency mining and offers tax holidays
To circumvent the law, miners have moved their farms to mosques
International consortium of news organizations, developing transparency standards.
Iran is preparing to become a leader in the production of military-technical cooperation
Iranian government plans in every way support the operation of the power plant that will produce bitcoins. So way the country’s leadership strives to support cryptocurrency mining and getting ahead in this direction of the USA.
There is an influx of miners in Iran due to cheap electricity. it has made the country one of the most significant crypto mining regions outside of China. Compete with Iran can only the United States, which recently time acquired a significant part of computing power. After legalization of cryptomining in July 2019 of the year the Iranian authorities sought to ensure the work of the participants market only after obtaining the required licenses. By Allowing Power Plants To Mining Cryptocurrency, Iran Joins Other Developing centers, as global “hash wars” gain momentum.
Mining legalization opens up new opportunities
Iranian authorities allowed power plants to mine cryptocurrency. but permit comes with a caveat as power plant operators cannot use subsidized fuel. Thus, Iranian power plants wishing to mine Bitcoin must obtain a license from the government and use approved electricity tariffs determined by the authorities.
Banning power plants from using subsidized fuels is a measure, adopted the government for Togo, so that so the activity did not have a negative impact on the electricity supply of residents, as well as other industrial sectors of the country.
“It big an achievement as it indicates that the Iranian government has recognized the crypto mining industry as a fact. This means that cryptocurrency can regarded as a legitimate and regulated asset by which people may do something for their business and life, “said Babak Behbudi, co-founder of the trading platform digital assets SynchroBit Hybrid Exchange.
Iranian authorities emphasize that licensed cryptocurrency mining is not news. Indeed, as of January, the country’s Ministry of Industry, Mining and Trade issued more 1000 mining licenses cryptocurrencies. Before legalization, some miners moved their businesses to mosques to get free electricity, prompting tough government measures due to surges in energy consumption.
Soon was compromise found: government allowed cryptocurrency mining and even encouraged more quantity participants to move their operations to the country with the promise of tax holidays. Iranian cryptocurrency miners who moved their foreign income to the country is eligible for certain tax breaks. As part of the campaign to allow only licensed cryptocurrency mining, the government has also offered a reward to whistleblowers exposing illegal cryptocurrency mining activity, with a reward of about 100 million riyals (2,375 dollars USA).
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