Bitcoin (BTC) Reaches Price Milestone after Three Years of Waiting
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The Iranian government has reportedly issued a license to a Turkey-based Bitcoin mining firm, iMiner, to establish its mining farm in Iran.

The new development was published by Tabnak a couple of days ago. According to the report, the license issued by Iran’s Ministry of Industry will allow iMiner to deploy 6,000 Bitcoin mining machines in the country’s Semnan city.

A report also stated that the country presently has over 148,000 Bitcoin (BTC) mining machines in operation.

Going by the report, the new deployment will aid iMiner to operate at a total capacity of 96,000 terahashes per second (TH/s).

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The report stated further that the mining company has invested about 311 billion rials worth $7.3 million on the establishment of the mining farm. As the report says, the mining farm is presently the largest in the country.

According to the information on iMiner’s official website, it has already secured an office in Iran’s Tehran city, for administrative purposes. And it had also been providing services but in an informal manner. So, since the company is now licensed, it could start providing formal services in Iran.

The mining firm reportedly has more than seven years of experience in the mining business, with its impacts in the United States, Turkey, Russia, Canada, and Iran.

Crypto Mining Activity in Iran

As a report has it, the Iranian government legalized cryptocurrency mining as industrial activity in July 2019. Ever since the government of the country has issued over 1,000 licenses to various crypto mining companies.

In order to ease the activity and cost of mining, the country’s government subsidized electricity rates. This move encouraged miners to flock in numbers into the country.

According to Financial Tribune, miners are charged relatively $0.11 for 1 kilowatt-hour (kWh) of energy. However, the billing changes between June and September to relatively $0.46 per kWh.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.