Iran has to deal with sanctions imposed by the U.S., and this is not an easy task. The oil industry provides the main source of income for the budget. The geopolitical situation in the Middle East is also quite tense. In this situation, it is not surprising that Iran has to come with a plan on how to minimize the damage caused by international sanctions. The cryptocurrency market is developing in this country.
According to the information, the Iranian government finalized power tariffs for cryptocurrency miners. This decision will boost the local market, as miners will have the opportunity to calculate their expenses. There are certain rules for crypto miners.
Mostafa Rajabi is a spokesman of Iran’s Energy Ministry. He said that under the new regulations it is forbidden to electricity for crypto mining during peak hours. It means that crypto miners will have to optimize their operations according to new regulations.
Cryptocurrencies and electricity prices
Let’s return to the price of electricity for the cryptocurrency miners. An average price for the export of electricity will be 9,650 rials or $0.08 for each kilowatt-hour. However, during the cold months of the year price will drop to $0.04 KWh.
As a result, crypto miners will have to pay only half of an average price in the eight cold months. Nevertheless, the price will reach $0.16 during the four months of the year.
Another news connected to digital currencies is that people who will expose illegal mining operations in Iran will receive up 20%. The purpose of this program is to expose miners who are using subsidized electricity. Anyone who will help to discover such cases will receive up to 20% of the recovery of the damage to the national power grid.
This is an important topic for the Iranian authorities, as using subsidized energy is a big problem for Iran. Energy consumption increased by 7% due to crypto mining in June. The same month, Iranian authorities confiscated around 1,000 Bitcoin mining machines.