Iran Becomes A New Hope For Crypto Miners

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Iran Becomes A New Hope For Crypto Miners
The crypto industry is on the boom, diving the
lawmakers of various countries into its
supporters and opposers. Provided that, more and
more countries are giving a check upon the future
of cryptos, its usability, and threats linked to
it. Many nations brought up crypto laws some
have tightened the rules, but there are always
revisions and little adjustments being made.
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Iranian authorities have made it easier for
cryptocurrency miners to use renewable energy
sources. The updated rule in the country enables
authorized miners to buy electricity produced
using renewable energy across the nation at lower
prices.
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According to Iran's Ministry of Energy, the
companies that are permitted to mint
cryptocurrency in the Islamic Republic can only
easily access renewable energy. Additionally, the
latest regulation reform frees miners from having
to use their own power generation
facilities.   This new regulation has been
introduced by Iran's Ministry of Energy and
Industrial Development in order to reduce costs
for miners. It will also encourage them to invest
in renewable energy projects to reduce their
carbon footprint.   The new rules will also help
Iranian entrepreneurs who want to start or expand
their businesses in other fields such as
agriculture, tourism, or manufacturing by
providing them with cheaper electricity supplies
for their operations.
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Iran already ranks first among countries with the
highest number of firms engaged in blockchain
development and cryptocurrency mining. The
country's central bank has also announced plans
to develop its digital currency which will be
used by commercial banks and individuals in
Iran. According to Mohammad Khodadadi,
spokesperson of the Iran Power Generation,
Transmission and Distribution Company, crypto
miners have only been able to sign agreements
with renewable energy projects that are located
in the same region as of now.
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Authorized miners will have access to renewable
energy beginning in December, according to an
earlier announcement by the Iranian government.
Following this disclosure, interest in the
cryptocurrency mining industry increased, and the
government modified its rules. It's odd that the
nation has a scarcity of electricity throughout
both the cold winters and scorching summers. This
problem has been attributed to mining companies
multiple times in 2021.
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