Islamic republic of iran's Ministry of Industries, Mining and Trade has issued over one,000 cryptocurrency mining licenses to domestic operations.

According to a study published on Jan. 24 by Iran'due south Banking and Economical System Reference Media (IBENA), a member of the Information and Communications Technology (ICT) Gild Organisation's blockchain commission, Amir Hossein Saeedi Nai, informed the public of the number of licenses issued.

He explained that before launching a mining functioning in the country, entrepreneurs must use for a license, adding that the government has issued over 1,000 permits so far, and several mining farms have already launched operations. Nai estimated that, if the local mining industry were to part at full capacity, it would bring $8.v billion into the local economy.

Mining'south role in Iran's economy

Banking sanctions from the United States and other western countries have hit Islamic republic of iran'due south economic system hard. Nai said that the country is in need of foreign commutation volumes, and that digital currency can aid facilitate trade while importing foreign currency as well as be used to skirt economic sanctions.

The official explained that the ICT Guild System is currently working to improve Iran's cryptocurrency mining conditions. The hope is that local mining activity will see a renaissance through changing electricity rates and boosting cooperation betwixt local cryptocurrency miners and gas-called-for ability plants.

Iran has some of the lowest energy prices in the world at $0.007 per kilowatt-hour. Notwithstanding, recent energy shortages and blackouts take led regulators to take a more active function in managing the country'due south ability supplies and therefore, take a strict arroyo to cryptocurrency mining.

The ascension of cryptocurrency mining in Iran led the authorities to raise its electricity tariffs for the sector significantly from the aforementioned $0.007 to $0.07 per hour — the same price as electricity exports.

In August 2022, Iranian police arrested an individual smuggling in unregistered cryptocurrency mining machines. As Cointelegraph reported the following November, the country's regime went and so far as to offer a bounty to anyone who exposes unauthorized mining operations in the country.