The Surge of Mining Due to Low Electricity Costs

• Crypto mining in Iran has surged recently due to the low electricity costs in the country.
• Iran’s Ministry of Industries, Mining and Trade recently issued more than a 1000 licenses for cryptocurrency mining units.
• Amir Hossein Saeedi Naeini spoke in a recent interview saying that many civilians of Iran were bullish on crypto mining.

Crypto mining in Iran has surged recently due to the low electricity costs in the country.

There is a limited number of authorised mining farms which were active across the nation of Iran.

An official with Iran’s ICT Guild Organisation, Amir Hossein Saeedi Naeini, spoke in a recent interview with IBENA news in saying that many civilians of Iran were bullish on the crypto mining industry and where it could take them.

He said:

“Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.”

Furthermore, he added that by modifying the electricity rates, he could help boost the crypto mining industry and generate more revenue for such a nascent space.

He lastly explained how crypto mining has helped trading on an international level. Most potential investors left for different countries on the same continent because they offer different incentives for crypto mining. Furthermore, he suggested that Iran should be more supportive of small investors. This is because of the high tariff rates and street regulations which would only mean large capitalists could start getting involved in the mining market of the crypto world.

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!