Bitcoin (BTC), miners discover a new El Dorado!

Bitcoin (BTC) miners can now source energy for mining at low cost. Indeed, Iran has changed its regulations on cryptocurrencies. The new measure aims to make renewable energy more accessible to miners across the country.

Cheap electricity available in Iran for bitcoin mining

According a tweet from Bitcoin Archive on July 29, bitcoin (BTC) miners now have the option to buy “electricity at lower prices from renewable sources“. Indeed, Iran recently made changes to its regulations on the cryptocurrency industry. Now the country is simplifying access to renewable energy for cryptocurrency miners.

Iranian authorities allow licensed miners to source energy at cheaper rates for crypto mining. This new rule is valid throughout the country. Note that before, mining companies could only source from renewable power plants stored in the same province.

Clarification that the new regulations stipulate that miners are no longer required to use the energy production capacities of mining platforms. The rejected positive changes to these regulations in Iran are an initiative of the Ministry of Energy in Tehran.

Moreover, Iran has faced various power shortages during hot, dry summers and cold winter months. Very energy-intensive, bitcoin mining would be the cause of this problem. This is how in 2021, Iran sent orders to crypto companies several times to stop their energy-intensive activities.

At the same time, relevant Iranian authorities initiate tough measures against unauthorized minors. Indeed, the competent authorities increase the fines for illegal mining activities by 400%. Note that the government of Iran had identified and shut down nearly 7,000 illegal mining facilities.

In Iran, miners who operate legally now have the option of buying electricity from renewable sources. They can do this throughout the country, and this, through the national network. At the same time, companies doing illegal mining will be severely punished.

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Avatar of Luc José Adjinacou

Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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