Home News Iranian trade ministry issues 30 crypto mining licenses

Iranian trade ministry issues 30 crypto mining licenses


Iranian authorities seem to be softening their stance on cryptocurrency mining. Despite a general ban on mining due to power outages, the Iranian Ministry of Industry and Trade has authorized the operation of 30 mining enterprises in the country.

Six licenses have been issued to companies in Semnan province. And businesses in Alborz province, near the capital, have received four licenses. Four more licenses issued to companies in the provinces of Mazandaran, East Azerbaijan and Zanjan. In the province of Tehran, which is the country’s capital and center of political power, only one license has been issued.

Obtaining a license is a prerequisite for launching a mining farm in Iran. When starting a mining business, applicants must obtain a work permit, and after a year they can request a license.

In total, the Iranian Ministry of Commerce has issued 2,579 work permits in the field of cryptocurrency mining throughout the country.

This relief from the authorities came just a week after officials confiscated about 7,000 computers for mining cryptocurrencies in one of the institutions in Tehran. This follows the country’s May ban on Bitcoin mining due to concerns over energy consumption.

Iran’s energy problems

Energy problems arose as Iran struggled with power outages and the state blamed mining for it. Then Bitcoin mining suspected of abusing electricity tariffs for agriculture and the industrial sector.

The authorities in the Asian country have called Bitcoin and cryptocurrency mining a threat to the stability of the financial system. This is why the fight against illegal Bitcoin mining launched in the country some time ago.

Recall that in May, the President of Iran approved a ban on the mining of cryptocurrencies until September 22. As mining overloads the country’s energy networks. Earlier, a spokesman for the Iranian Ministry of Energy also said that the department will impose severe fines for miners mining cryptocurrencies in residential buildings.

However, the state is using local cryptocurrency to increase revenues amid tough international sanctions. And, therefore, stopping the production of cryptoassets could hit the Iranian treasury.

In this regard, the authorities have finally now decided to cooperate with miners, issuing licenses on a legal basis. With the issuance of permits for the mining of cryptocurrency in Iran, the country could become a haven for some companies leaving the Chinese market.

As the Chinese market witnesses hostility, other countries, such as the United States, have warmed up to farm siting. Notably, Miami Mayor Francis Suarez said the city is working to lower the cost of electricity. To lure Bitcoin miners looking for a new home.

Previous decisions of the authorities

Recall that in May last year, the President of Iran initiated the development of a new version of the national strategy for the development of mining and cryptocurrencies in the country. Under the new rules, crypto companies are now required to register their activities with the local Central Bureau of Investigation. The adoption of measures, according to the Iranian government, will reduce the outflow of capital from the country.

And in July last year, the Iranian authorities allowed industrial power plants that operate in the country to mine Bitcoin. An important condition for this was the refusal of organizations from government subsidies.

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