Iranian Authorities Issues License to iMiner to Operate in Country
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Iranian Authorities Issues License to iMiner to Operate in Country

May 4, 2020      Vandana Malik

The Ministry of Industry, Mining and Trade have issued a license to crypto mining company named iMiner. iMiner is a Turkey-based firm and it has acquired a license from the Iranian Authorities to conduct operations in the province of Semnan. This firm will have 6,000 rigs which will help it to become one of the largest crypto mining firms in Iran.

Iranian Authorities has authorized crypto mining in July 2019

Back in July 2019, the Iranian authorities authorized crypto mining as an industrial activity. The authorities have also issued around 1,000 licenses to various crypto mining firms which also includes iMiner. Mining is associated with high energy usage and this might be the reason because of which crypto miners are moving towards Iran. There are very low energy prices in Iran and because of this, the cost included in mining is comparatively very less.

Milner has published an article in which it has stated that the firm has invested $7.3 million for a Bitcoin mining farm in Iran. The firm will be mining the digital currency there with 6,000 rigs which means on an average it will be mined for 16 TH/s per rig. It has also specified that it will offer both trading and custody service for the Middle Eastern region through this new mining firm in Iran.

Military officials suggesting turning towards digital currency

Due to the huge spread of coronavirus across Iran, the economy of the nation is suffering severely. Amid this, few military officials have advised the Iranian authorities to move towards the digital currency. This will play a major role while importing foreign currency.

This has also led to smuggling huge amounts of unregistered mining equipment across the nation. Back in November 2019, Iranian authorities have also offered a reward to all those who will report about any such mining operations.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.