Iranian government approves Bitcoin mining at power plant

According to Iranian authorities, power plants can mine cryptocurrencies such as Bitcoin but they cannot receive subsidies.

Iran has announced that it will now allow industrial-scale power plants in the country to operate as Bitcoin mines — provided they do not use subsidized fuel.
On July 27, Mostafa Rajabi Mashhadi, deputy general manager of Iran’s electricity generation, transmission and distribution management company Tavanir, said in a statement to the Islamic Republic News Agency (IRNA) that power plants in the country can operate as Bitcoin mines “if they comply with the corresponding tariffs” and have the necessary licenses.
Mashhadi said any power plant considering such a venture could not use subsidized fuel for crypto mining.
“Right now we are in a situation where electricity supply is very important to the public,” the energy spokesman said. “We will not allow anyone to abuse the electricity prices provided to the agricultural and industrial sectors to produce Bitcoin, which is worth more than $9,000.”
About Electricity <br />It was reported in January that Iran’s Ministry of Industry, Mine and Trade has issued 1,000 licenses for crypto mining since the government authorized crypto mining as an approved industrial activity in July 2019.
According to IRNA, a spokesman for the power industry said that 14 crypto mining farms in Iran have applied for more than 300 megawatts (MW) of electricity — equivalent to the usage of three provinces in the country.
Electricity pricing for Iranian crypto miners depends on market factors such as fuel prices in the Middle East. Mining requires a lot of electricity, but electricity in the country is very cheap compared to other parts of the world. Mashhadi estimated in 2019 that it only takes about $1,400 in state subsidies to produce one bitcoin.
There will also be a reward of up to 100 million rials, or $2,375, for anyone who reveals illegal cryptocurrency mining operations in Iran.

Source: Cointelegraph