Bitcoin mining has increased significantly in Iran because of the cheap energy. Iran also uses Bitcoin to circumvent the US oil sanctions.

According to research estimates by Elliptic, a blockchain analysis company, Iran’s annual revenue from Bitcoin (BTC) mining can reach $ 1 billion.

The country’s global hash rate (we can simply call it calculation and digging power) has experienced a 5% increase compared to other countries. So much so that the energy consumed by mining farms in the country is at the level of 600 megawatts. Therefore, there are frequent power outages in the country due to the rapidly increasing unauthorized mining operations. Some miners are even mining by drawing electricity from mosques in order to use free electricity by taking the business forward. The management, on the other hand, has established a special team for such situations.

The Iranian administration is using Bitcoin as a way to circumvent the US sanctions on oil exports. Although the Iranian administration wants to impose various regulations on mining, it is tied because the US has passed its sanctions with BTC.

As far as it is known, the Central Bank of Iran allows payment for imports with cryptocurrencies. In other words, people can use cryptocurrencies for trade in some exceptional cases. However, it does not seem certain yet what course the Iranian administration will follow.


Please enter your comment!
Please enter your name here