A recent move by the Iranian government has attracted worldwide attention and debate. They approved the power plant for Bitcoin mining, a decision that not only caused a storm in the energy and digital currency fields, but also set off quite a stir at the political and economic levels. Let’s delve into the background, impact, and possible far-reaching implications of this incident.

By approving power plants for Bitcoin mining, the Iranian government is actually using the country’s abundant natural gas resources to support digital currency mining. This initiative is considered one of the best uses of domestic energy resources. At the same time, Bitcoin, as a decentralized digital currency, is increasingly receiving attention and recognition around the world. The Iranian government’s endorsement undoubtedly adds a touch of light to Bitcoin’s legitimacy and sustainability.

Bitcoin mining has been controversial over the past few years. Due to its large power consumption, many countries are wary of Bitcoin mining. However, this decision by the Iranian government seems to provide a completely new paradigm for Bitcoin mining. By utilizing the vast power resources of power plants, mining costs can be significantly reduced, thereby improving the efficiency and sustainability of Bitcoin mining.

This move not only helps improve Iran’s status in the field of digital currency, but also injects new vitality into domestic economic development. The rise of the Bitcoin mining industry will attract more investment and talent to Iran, further promoting the development and growth of the local economy. At the same time, this has also brought more fiscal revenue and international reputation to the Iranian government, which is expected to lay a solid foundation for the country's future development.

However, it is worth noting that the environmental impact of Bitcoin mining cannot be ignored. Large-scale electricity consumption will not only exacerbate energy tensions, but may also cause irreversible damage to the environment. Therefore, while promoting the development of the Bitcoin mining industry, the Iranian government also needs to seriously consider how to balance the relationship between economic growth and environmental protection, and formulate corresponding policies and measures to ensure that the path of sustainable development can continue.

Overall, the Iranian government’s approval of power plants for Bitcoin mining is a landmark move. It not only opens a new door for the development of the domestic digital currency industry, but also provides a new model for the development of the digital economy on a global scale. However, in the face of future challenges and opportunities, the Iranian government needs to respond prudently, balance the interests of all parties, ensure the sustainable and healthy development of the Bitcoin mining industry, and make positive contributions to the country's prosperity and stability.

In this era full of changes and opportunities, the Iranian government’s decision will undoubtedly lead the future development direction of the digital currency industry. As the Bitcoin mining industry continues to grow and improve, we have reason to believe that digital currency will become an important engine to promote global economic development, contributing more power and wisdom to the progress and prosperity of human society. Let us wait and see and witness the arrival of this historic moment together!

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According to Iranian authorities, power plants can mine cryptocurrencies such as Bitcoin, but they are not subsidized. Iran has announced that it will now allow the country’s industrial-scale power plants to operate as Bitcoin mining farms — provided they do not use subsidized fuel.

On July 27, Mostafa Rajabi, deputy general manager of Tavanir, Iran’s power generation, transmission and distribution management company
Mashhadi said in a statement to the Islamic Republic News Agency (IRNA) that the country’s power plants can operate as Bitcoin mining farms “if they comply with the corresponding tariffs” and have the necessary licenses.

Mashhadi stated that any power plant considering such a venture cannot use subsidized fuel for crypto mining.

"Now we are in a situation where electricity supply is very important to the public,"
an energy spokesman said. "We will not allow anyone to abuse the electricity prices provided to the agricultural and industrial sectors to produce Bitcoin, which is worth more than $9,000."

About electricity

As reported in January, Iran’s Ministry of Industry, Mining and Trade has issued 1,000 licenses for crypto mining since the government authorized crypto mining as an approved industrial activity in July 2019.

According to IRNA, a spokesman for the power industry said that 14 crypto mining farms in Iran have applied for more than 300 megawatts (MW) of electricity - equivalent to the consumption of three provinces in the country.

The electricity price scheme for Iranian crypto miners depends on market factors such as fuel prices in the Middle East. Mining requires large amounts of electricity, but electricity is very cheap in the country compared to other parts of the world. Mashhadi estimated in 2019 that it would only take about $1,400 in state subsidies to produce one Bitcoin.

There is also a bounty of up to 100 million rials, or $2,375, available to anyone who exposes illegal cryptocurrency mining companies operating in Iran.