Iran issued more than 1,000 licenses for cryptocurrency mining

The Iranian government has reportedly issued more than 1,000 licenses for cryptocurrency mining since it began regulating the industry.

The licenses have been issued by Iran’s Ministry of Industry, Mine and Trade, local news outlet Financial Tribune reported by Friday, citing an official from ICT Guild Organization – an Iranian NGO representing information and communications technology (ICT) sector.

The official, Amir Hossein Saeedi Naeini, said that cryptocurrency mining is a new industry but many people have been attracted to it in Iran. Noting that miners need to obtain a license, he shared:

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.

Iran legalized crypto mining last June. The Iranian government officially recognized cryptocurrency mining as an industry in August after months of deliberation. Bitcoin miners must be licensed by the Ministry of Industry, Mine and Trade before beginning their operations.

In July 2019, the Economic Commission of Iran has finalized power tariffs for cryptocurrency miners, based on similar tariffs used for electricity exports. Using subsidized energy has previously put pressure on Iran’s national grid, causing a 7% increase in energy consumption in the country. Iranian authorities recently seized around 1,000 bitcoin mining machines from two former factories, following an increase in electricity consumption.

The country has long been attractive to miners due to cheap power. Miners are charged only $0.11 for one kilowatt-hour (kWh) of energy. During the peak summer season (June to September), however, the charges are $0.46 per kWh.

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