Recent news from the Iranian government has caused a stir in the global cryptocurrency market. It is reported that the Iranian government is actively considering authorizing the cryptocurrency mining industry and is expected to become a new mining center. This move will not only have a profound impact on the Iranian economy and the global cryptocurrency market, but will also redefine the landscape of the global cryptocurrency industry.

In the current context of fierce competition in the global cryptocurrency market, this move by the Iranian government is undoubtedly a milestone. Cryptocurrency mining, as an important link that supports the operation of the entire cryptocurrency network, has always attracted much attention. The Iranian government now regards it as a new engine for economic development, which will undoubtedly bring new growth points to the country's economy.

The reason why the Iranian government considers authorizing the cryptocurrency mining industry is partly because of the huge potential of the cryptocurrency market, and partly because of the urgent need to diversify the domestic economy. With the continued impact of international sanctions, the Iranian government urgently needs to find new economic growth points, and the cryptocurrency mining industry exactly meets its development needs.

It is worth mentioning that Iran has abundant cheap electricity resources, which provides a unique advantage for cryptocurrency mining. Globally, the cost of electricity is one of the important factors affecting the development of the cryptocurrency mining industry. The Iranian government has taken a fancy to this advantage and hopes to further utilize domestic power resources and promote diversified economic development by developing the cryptocurrency mining industry.

In addition, the Iranian government’s consideration of authorizing the cryptocurrency mining industry is also inseparable from the development trend of the global cryptocurrency market. As the prices of mainstream cryptocurrencies such as Bitcoin continue to rise, the global cryptocurrency market has become increasingly active. The Iranian government hopes to seize this development opportunity and accelerate the transformation and upgrading of the domestic economy by authorizing the cryptocurrency mining industry.

Against this background, the Iranian government’s actions have aroused widespread concern in the global market. Some analysts believe that if the Iranian government successfully authorizes the cryptocurrency mining industry, it will not only inject new vitality into the country's economy, but is also expected to become an emerging center of the global cryptocurrency mining industry. This will bring huge economic benefits to the Iranian government and will also inject new vitality into the global cryptocurrency market.

In general, the Iranian government’s consideration of authorizing the cryptocurrency mining industry is a move that conforms to the trend of the times and is a strong support for domestic economic development. As the global cryptocurrency market continues to develop, the Iranian government is expected to use the cryptocurrency mining industry to become a new economic growth point and achieve diversified economic development. The success of this initiative will not only have a profound impact on Iran, but also inject new vitality into the global cryptocurrency market and open a new chapter of development.

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According to The block citing pressTV reports, the Governor of the Central Bank of Iran Abdol Nasser
Hemmati said that the Iranian government is planning to authorize cryptocurrency mining, but there are two conditions: 1. International cryptocurrency mining should be based on the price of exported electricity; 2. The mined cryptocurrency should feed back into the national economic cycle.

The idea of opening a cryptocurrency mining farm in Iran has long been popular among cryptocurrency miners due to factors such as low electricity prices and lower costs.

Coupled with the rising cost of mining for cryptocurrency miners around the world in their own countries, more and more miners have chosen to "migrate."

Mohammad Javad Azari, Minister of Information and Communications Technology of Iran
Jahromi said that before Iran, most of the world’s cryptocurrency mining activities were conducted in China, but today, Iran is becoming a new center in this field.

So far, the energy consumption of cryptocurrency mining operations in Iran has increased by 7%. Tadvin Electricity
A spokesperson for the Company claimed that each Bitcoin produced is equivalent to the annual consumption of 24 properties in Tehran, or the electricity consumption of one property over 24 years.

It is worth noting that although the Iranian government is currently considering authorizing cryptocurrency mining, overall, the Iranian authorities still have an ambivalent attitude towards the industry.

On the one hand, the Iranian government believes that the current main way for mining machines to enter Iran is through smuggling, which will harm the normal order of the Iranian market. In addition, a large amount of energy is used to mine cryptocurrency, which will cause harm to Iran’s national power grid. increased pressure and caused damage to the interests of Iranian citizens.

At the end of June this year, Iran seized about 1,000 Bitcoin mining machines.

In addition, Iran’s Supreme Anti-Money Laundering Committee has banned the sale and purchase of Bitcoin in Iran.

But at the same time, Nasser Hakimi, deputy governor of the Central Bank of Iran, also said that the production and trading of cryptocurrency should be distinguished.