To make it easier for crypto miners to access green energy, Iran authorities have updated some regulations. The rates for electricity purchased from renewable sources in Iran will be lower now that licensed miners are authorized.
Iran allows cryptocurrency miners to source green energy from all over the country
Iran’s Ministry of Energy has changed certain crypto mining regulations to ease access to renewable power for entities authorized to mint digital currencies in the Islamic Republic.
Bargqnews revealed that miners have been exempted from having to use their on-site power generators. They can now buy electricity from renewable sources across the country through the national grid.
Mohammad Khodadadi, an employee at Iran Power Generation, Transmission and Distribution Company, stated that until now, mining firms could only enter contracts with plants producing renewable energy in the same provincial.
Quoted by the English-language business news daily Financial Tribune, the report also revealed that Iranian firms mining legally with clean energy will not be charged the regular transmission fees for using the country’s electricity network.
After Iran’s December announcement that power plants can be used to produce green energy, the positive developments for the mining industry were made. The energy ministry of Tehran initiated this change.
Iran’s power supply has been suffering from severe shortages in the summer and winter. Partly, this is due to the high-energy bitcoin mining. Registered crypto farms had to be shut down on multiple occasions in 2021.
Tavanir told miners this year to stop all activities for the remainder of summer. He cited expected power shortages and rising cooling demand. The restrictions sparked negative reactions from the country’s crypto community.
Also, the state-owned utility pledged to take severe action against illegal cryptocurrency miners. This included raising penalties for those involved in illegal mining by 400%. Official data from May showed that the Iranian government had closed almost 7,000 digital coin minting facilities outside of the laws.
These improvised crypto farms, which are powered by subsidized electricity from the household, have been a major source of income for many Iranians. Tavanir personnel have confiscated thousands upon thousands of mining equipment during numerous raids.
Is Iran likely to allow crypto miners in Iran to resume their operations by the end of this summer? Comment below to share your hopes and fears.
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