The Ministry of Industries, Mining and Trade of Iran has granted more than 1000 cryptocurrency miners with licenses to conduct their activities, iHodl Russia reports.
According to Amir Hossein Saiedi, a representative of Iran’s ICT Guild Organization, crypto mining can add at least $8.5 billion in the country's economy.
"High electricity tariffs plus stringent regulations have made the sector less appealing for small investors," he added.
Iranian authorities officially recognized cryptocurrency mining as industrial activity back in the summer of 2019. Iran claims those who decided to use cryptocurrencies should accept their risks and the government will not provide any guarantees for them.
In accordance with the latest amendments, the cost of electricity for miners is $0.11 per kWh and can reach up to $ 0.46 during peak periods in summer.
Last year, Iran was offering rewards for reporting any illegal mining activity in the country.
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