Iran to Develop New National Strategy for Crypto Mining
Main page News, Iran, Mining, Regulations

Iran's president Hassan Rouhani has called for the development of a new national strategy for cryptocurrency mining, local news outlet ArzDigital has reported.

Rouhani has asked officials from the Central Bank of Iran (CBI), the Department of Energy and the ministries of Information and Communications Technology to develop a new national strategy for mining that includes regulation and mining revenue.

Cryptocurrency mining was legalized in the country last summer. Companies wishing to start a mining farm must first obtain a license from the Ministry of Industry, Mines and Trade. Regulators have issued over 1,000 licenses over the past six months, while earlier this month a Turkish company with more than 6,000 mining devices received the license.

The main problem the country's crypto mining sector must deal with is the high price of electricity after the Iranian authorities introduced new regulations in November last year to calculate the cost of electricity for miners. According to the regulations, the average price of electricity is approximately $0.08 per kWh.

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