Iranian trade ministry issues 30 crypto mining licenses

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Iran’s Ministry of Industries, Mining and Commerce issued working licenses for 30 crypto mining facilities within the nation, the nation’s Monetary Tribue reported final Wednesday.

Citing information from the ministry’s web site, the report says that Iran’s Semnan Province obtained essentially the most licenses, with six crypto mining farms now approved to function within the area. Alborz Province secured 4 such licenses, adopted by Mazandaran, East Azarbaijan and Zanjan Provinces. Tehran Province, which homes the nation’s capital, reportedly obtained just one license to function a crypto mining heart.

The ministry additionally issued 2,579 institution permits for brand new industrial crypto mining models throughout the nation, with 305 of them secured by Zanjan Province. Fars Province and West Azerbaijan observe Zanjan, with 262 and 247 permits, respectively.

In line with the report, an working license is necessary for Iranian firms to begin a authorized crypto mining enterprise. Eligible candidates ought to purchase institution permits and arrange their industrial unit inside 12 months, after which apply for the working license.

The report notes that cryptocurrency mining is authorized in Iran, as miners are allowed to function beneath rules approved by the government in July 2019. Regardless of the authorized standing of crypto mining in Iran, the federal government is actively combating unlawful crypto miners as a consequence of growing stress on the nationwide energy grid. In line with the report, approved crypto mining firms are required to pay a lot increased vitality prices for mining cryptocurrencies like Bitcoin (BTC) than are residential or different industrial prospects.

The ministry didn’t instantly reply to Cointelegraph’s request for remark.

Associated: Iran may reap upward of $1 billion in annual Bitcoin mining revenues

The information comes after Iranian President Hassan Rouhani introduced in late Could a blanket ban on Bitcoin mining within the nation till September as a measure to alleviate stress on the nationwide energy grid. Subsequently, final Tuesday, Iranian provincial police confiscated more than 7,000 mining rigs at a farm working within the capital of Tehran. The crypto mining farm was known as the biggest, most important drain on the nation’s vitality utilization.

In line with the Iran Energy Era, Distribution and Transmission Firm, greater than 188,000 models of crypto mining gear have been seized over the previous 12 months. These units reportedly resulted in 180 trillion rials ($4.2 billion) in losses to the nationwide grid and energy distribution gear.