On the one hand, the Bitcoin spot market is witnessing the rise, on the other hand, mining businesses in some regions are recovering from troubled days. After four months of closure, Iran’s largest Bitcoin mining facility was given permission to continue its operations.
According to reports, due to the substantial financial support offered by Chinese backers, the Rafsanjan-based mining farm in Southeast Iran’s Kerman province was able to continue its operations months after entering troubled waters.
In January, as the country saw an increase in power cuts, authorities ordered the mining company to shut down. This was due to the heavy electrical charge, which was about 175 megawatt-hours of electricity consumed by the mining facility. This was almost a third of the total power devoted to long mining operations in Iran.
While the news is a relief for the crypto community and the business itself, many citizens are worried about continuing operations as they believe no effort has been made to alleviate power outage issues.
The Rafsanjan mining operation will be added to the long list of Chinese-backed Bitcoin mining facilities in Iran in the Southeast Special Economic Zone. There has been more money flowing from China’s largest crypto mining facilitators to mining in other countries. However, this money entering the country can be a part of the “25-year contract”.
While some believe that China has somehow cornered the global mining industry, it also saved several facilities to keep its mines running. While the Rafsanjan plant is currently in good working condition, it may have to deal with air quality problems faced by mining in major cities.