Reading time: ~1 m
Iran’s Ministry of Industry and Trade plans to tackle the country’s energy shortage by tightening regulations for mining companies.
The Iranian Ministry of Industry and Trade (MIMT) has announced the resumption of cryptocurrency mining in the country – subject to several strict conditions. Licenses will only be issued to those mining companies that use renewable energy sources. Licenses for companies using other energy sources will not be renewed.
The ministry is confident that the only way to prevent illegal mining of cryptocurrencies in the country is to provide energy and make enterprises legal. The state body did not specify what these sources might be.
In December last year, the Iranian authorities decided to close all authorized cryptocurrency mining centers due to the increased load on the power grid. It was reported that illegal farms for the extraction of cryptocurrencies in total consumed more than 600 MW of electricity. At the same time, Tehran does not categorically oppose mining; at the moment, MIMT has issued more than 1,000 mining licenses.
At the beginning of the year, the Iranian authorities announced that they were going to create a platform where local companies could pay for exports and imports using digital currencies.
#Iran #announced #resumption #cryptocurrency #mining
