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This Movement of Iran May Boost Bitcoin (BTC) Mining

Bitcoin's hashrate has surpassed its all-time high after many fluctuations this year.

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This Movement of Iran May Boost Bitcoin (BTC) Mining

Bitcoin‘s hashrate has surpassed its all-time high after many fluctuations this year.This is probably because the Iranian state is now diving into cryptocurrency mining; but indirectly, the Thermal Power Plant Holding company (TPPH) stands out as responsible for organizing government activities in the field of thermal power generation.

Now to serve miners directly, the state is acting together with the company to facilitate cryptocurrency mining by generating more revenue. “The necessary equipment has been installed at the three power plants in Ramin, Neka and Shahid Montazeri and the tender documents will soon be uploaded on the SetadIran.ir website,” said Mohsen Tarztalab, president of TPPH.

Iranian energy companies have been serving cryptocurrency miners since 2018, but this time it looks like a strategic private energy service for more miners.

“Unfortunately, the constant price increases and the obligation to provide electricity to subscribers at fixed prices have caused a huge gap between revenues and expenditures in the country’s electricity sector and we need new sources of income to fill this gap,” Tarztalab said.

This new resource came primarily from Chinese miners who moved to Iran to some extent because they initially had access to subsidized electricity.Later, Iran changed its policy of imposing some kind of special tax on miners who had to pay around 5 percent per kilowatt.

This has caused some to leave the country, but Iran is currently only creating some kind of private energy network for miners, which is outside the national grid.

This move could create a Bitcoin mining boom there, with the added effect of offering Iranian businesses a method to transact internationally outside the banking system.This is because obtaining Bitcoin through mining has no restrictions. So, domestic Bitcoin markets can now easily develop in Iran with this Bitcoin and then easily move in and out of the country, thereby forming a trade pipeline with Bitcoin.

This means that the sanction approach needs to be reconsidered, especially as the continent of Europe tends to open some lines with Iran for cheap oil that is currently subsidizing China.

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