Iran issues license to over 1000 cryptocurrency mining firms

The popularity of crypto-mining in Iran due to low electricity costs has been evident. In the latest news, Iran’s Ministry of Industries, Mining and Trade recently issued 1000+ licenses for cryptocurrency mining units, according to a report.

A limited number of authorized mining farms were active across the country.

Amir Hossein Saeedi Naeini, an official with Iran’s ICT Guild Organization, in an interview with IBENA news, said that many Iranians were attracted to the crypto mining industry.

He stated,

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

Expanding on the same, he suggested that modifying the electricity rates could help boost the crypto mining industry and also generate more revenue.

 

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