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Mostafa Rajabi, deputy director of Tavanir
Mashhadi explained that entities that want to mine cryptocurrencies must apply for the necessary licenses from Iran’s Ministry of Industry, Mines and Trade and comply with tax requirements set for cryptocurrency mining.

He said this week that “power plants must submit applications and follow approved rates set for the national cryptocurrency mining hub.”

Bitcoin miners have been operating in Iran to take advantage of the country’s subsidized electricity prices. Data shows that crypto mining farms in Iran only pay $0.01 to $0.05 per kilowatt hour (kWh) of electricity. However, electricity prices increased fourfold during the summer peak period, and Tavanir announced that it would cut miners’ electricity prices by 47% during the peak period.

Rajabi
Mashhadi noted that Iran has recently issued licenses to 14 cryptocurrency mining farms, each with a capacity of 300 megawatts. The country has previously issued over 1,000 Bitcoin mining licenses, including one for Turkey’s major Bitcoin mining company Iminer.

Rajabi
Mashhadi also emphasized that anyone who reports illegal cryptocurrency mining farms will be rewarded. He concluded, “Electricity supply is vital to the public and we will not allow those who abuse the preferential power provided to the agricultural and industrial sectors to produce Bitcoin.”

According to previous reports by Bitui, Iranian President Hassan Rouhani called for cooperation with countries such as Turkey and Malaysia in December last year to create a Muslim cryptocurrency in response to U.S. sanctions. More recently, he has also supported the development of a national cryptocurrency mining strategy for Iran to enable the country to prosper economically amid U.S. sanctions.