Friday, July 30, 2021

Iran’s Ministry of Industries, Mining, and Trade issues 30 crypto mining licenses.

The Takeaway:

The Ministry of Industries, Mining, and Trade in Iran has issued 30 new digital currency mining licenses in a move that could pave the way for an expansion of the regulated mining sector in the country.

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Iran’s Ministry of Industries, Mining, and Trade has issued 30 new crypto mining licenses in a move that could pave the way for an expansion of the regulated mining sector in the country. The licenses have been classified according to the province in which they have been granted, with six being issued in Semnan Province. Alborz Province was next with four new licenses, followed by Mazandaran, East Azarbaijan, Zanjan, and Tehran Provinces.

 

Over 2,500 industrial mining permits were issued. 

Some 2,579 industrial mining permits were issued, with the bulk of those falling across Zanjan Province, Fars Province, and West Azerbaijan, according to the Financial Tribune report. The new crypto mining licenses are required for businesses hoping to mine cryptocurrency in Iran, a legal requirement in the country since laws were introduced in July two years ago. However, despite legislating for a legal mining sector, the government in Iran has been tackling illegal crypto miners in recent months, citing pressures on the country’s power infrastructure, blamed in part for recent blackouts across the country.

 

Law tightens around crypto mining companies. 

The move follows an announcement from Iran’s president, Hassan Rouhani, back in May, suggesting that a ban would be introduced on all crypto mining in Iran until September 2021. The law enforcement agencies in Iran have been cracking down on illegal crypto mining operations, confiscating some 7,000 rigs from a block crypto mining farm in Tehran over the past week. Crypto mining farms have been putting too much weight on energy grids causing significant power outages across the country in recent months. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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