Iran gives power plants green light to process digital currencies

Iran gives power plants green light to process digital currencies

Power plants in Iran can start engaging in block reward mining activities, but only if they don’t use subsidized fuel to mine digital currencies.

The Iranian Power Generation, Transmission and Distribution Management Company recently announced that industrial-scale power plants can now engage in block reward mining. Through its deputy managing director Mostafa Mashhad, the company stated that the power plants will have to secure the necessary licenses and comply with the approved tariffs.

Mashdad also warned the power plants against using subsidized fuel for mining activities. Speaking to the state-run Islamic Republic News Agency, he reminded the power plants that the electricity they produce is “of great importance to the public.” His company will not allow the power plants to misuse tariffs meant for agricultural and industrial use.

Mashdad lauded the country’s efforts to provide cheap electricity which has promoted the growth of the block reward mining industry.

Iran has been one of the most active countries in creating an enabling environment for block reward mining. In its most recent effort, the Middle Eastern country revealed that it was tightening its grip on the industry and stamping out illegal operators. All miners now have to register with the Ministry of Industry, Mining and Trade. They shall then apply to operate in a list of facilities that the government has sanctioned for such activities.

Despite the many efforts to promote the industry, Iran still struggles with illegal block reward miners. In November 2019, the government called on the public to report any illegal miners, promising to pay up to 20% of the recoverable damages to anyone whose report leads to successful arrests.

Also in 2019, Iranian police also seized over 1,000 digital currency mining machines for alleged high power use. At the time, the government claimed that the increasing mining activities had led to a 7% surge in the national electricity use.

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