Iran announced it had issued permits for mining crypto to 14 farms and plans to cut energy tariffs for the industry by 47% in order to support registered mining facilities. Crypto miners are obliged to register to the Ministry of Industry, Mine and Trade.
Each of the newly registered farms has a capacity of 300 megawatts, the Iranian news agency Mehr reported.
The mining of cryptocurrencies has been a legalized business in Iran since July 2019 and the country`s authorities have issued over 1,000 licenses to crypto farms. However, it is worth noting that not all of them are currently in business.
Nonetheless, there is still an outstanding problem with the registration of mining facilities, as many miners continue to smuggle their equipment into the country. Iranian authorities claim they have identified over 1,000 more unregistered mining farms all across the country.
Miners prefer Iran as a mining location because of its subsidized electricity rates. The available data suggests that crypto farms in Iran pay as little as $0,01 to $0,05 per kilowatt-hour of electrical power. However, the price during the peak season between June and September can increase as much as four times.
In an effort to stimulate the registration and subsequent legalization of crypto farms Tanavir – the country`s power transmission and distribution company said in a statement it will cut prices up to 47% of crypto farms in the mentioned period.
Meanwhile, the vice-president of the Islamic republic Eshaq Koushashi reiterated last week that miners have to uncover their identities, the volume of their mining capacity, and the amount of their mining equipment and type.
