Bitcoin (BTC) and Crypto Mining Could Add $8.5 Billion to Iran’s Economy, Officials Grant 1,000 Licenses: Report

26 January 2020, Sunday, 04:25 - dailyhodl.com
Bitcoin (BTC) and Crypto Mining Could Add $8.5 Billion to Iran’s Economy, Officials Grant 1,000 Licenses: Report

After developing new regulations for its digital assets industry, Iran’s government is now granting over 1,000 licenses for cryptocurrency mining, according to the Financial Tribune.

Several large crypto mining facilities are now operating throughout Iran, but high electricity costs are reportedly keeping smaller players from entering the market.

Amir Hossein Saeedi, an official with Iran’s ICT Guild Organization, tells IBENA News Agency that many residents are interested in setting up their own operations.

He adds that crypto miners must acquire a license from the nation’s Ministry of Industry, Mine and Trade.

“Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy. But high electricity tariffs plus stringent regulations have made the sector less appealing for small investors.”

Saeedi says several large industrial farming miners have already been set up by big investors entering the space.

Featured Image: Shutterstock/buffaloboy



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