Iranian trade ministry issues 30 crypto mining licenses

Recently, the Iranian Foreign Ministry has issued 30 licenses for the operation of cryptocurrency mining farms in the country. This is the first time that Iran has allowed cryptocurrency mining operations in the country. A few months ago, the country had announced that it will be banning the mining of cryptocurrencies. The ministry stated that its decision to issue the licenses for the mining farms was because of the benefits such a business can bring to the country.

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Yesterday, the Iran Trade Promotion Organization (ITPO) announced they had issued 30 cryptocurrency mining licenses for Iranian citizens. According to ITPO, the licenses are for mining equipment to be installed in educational and cultural centers that will be opened in the country’s Sistan and Baluchistan Province.

The Iranian government has issued more than 30 cryptocurrency mining licenses, according to the country’s main trade body. The move comes amid plans by the country’s central bank to launch its own digital currency. The licenses have been granted to a group of companies, and there are hopes the move will boost the country’s troubled economy.. Read more about what does mining crypto mean and let us know what you think.

Iran’s Ministry of Industry, Mines and Trade has issued permits to operate 30 crypto mining centers in the country, the Financial Tribue reported last Wednesday.

Citing data from the ministry’s website, the report said Iran’s Semnan province has received the most licenses, where six cryptocurrency mining farms are currently licensed. Alborz province has received four such permits, followed by Mazandaran, East Azarbaijan and Zanjan provinces. Tehran province, where the country’s capital is located, has reportedly only received a permit to operate a crypto mining center.

The ministry has also issued 2,579 permits for the construction of new industrial facilities for cryptocurrency mining across the country, including 305 in Zanjan province. Zanjan province is followed by Fars and West Azerbaijan provinces with 262 and 247 permits respectively.

According to the report, a mining license is required for Iranian companies to start a legal business in cryptocurrencies. Eligible applicants must obtain a permit for the construction and development of an industrial facility within 12 months and then apply for an operating permit.

The report states that cryptocurrency mining is legal in Iran, with miners allowed to work under rules approved by the government in July 2019. Despite the legal status of cryptocurrency mining in Iran, the government is actively cracking down on illegal cryptocurrency miners as pressure mounts on the national network. According to the report, businesses licensed to mine cryptocurrencies must pay much higher energy costs for mining cryptocurrencies such as bitcoin (BTC) than residential or other commercial customers.

The department did not immediately respond to Cointelegraph’s request for comment.

Related: Iran could generate up to $1 billion in revenue annually from bitcoin mining.

The news comes after Iranian President Hassan Rouhani announced in late May a total ban on bitcoin mining in the country by September, to ease pressure on the national network. Iranian provincial police then seized more than 7,000 rigs during an operation in the capital Tehran on Tuesday. The cryptocurrency boom has been cited as the biggest and most significant drain on the country’s energy consumption.

More than 188,000 pieces of mining equipment for cryptocurrencies have been seized in the past 12 months, according to Iran’s Electricity Generation, Distribution and Transmission Company. The devices reportedly caused 180 trillion rials ($4.2 billion) worth of damage to the national power grid and electrical distribution systems.

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