As Iran experiences rolling electricity blackouts, the country’s authorities have responded to the crisis by targeting bitcoin mining farms. The sanctions-hit country’s campaign against miners has seen a total of 1,600 mining centers being shut down. This Iranian blitz on cryptocurrency miners, however, appears to contradict the country’s previous policies towards cryptocurrency mining.
The Real Cost of Electricity in Iran
According to a report, the Islamic Republic has previously “authorized 24 bitcoin processing centers that consume an estimated 300 megawatts of energy a day.” Furthermore, Iran’s “electricity cost of around 4 cents per kilowatt-hour,” as well as the tax-free zones in the south, helped to attract “tech-savvy Chinese entrepreneurs.”
Still, the report explains that other elements inside the Iranian government are more concerned with “how much money is sent abroad and controlling money laundering.” Across the country, bitcoin is used by business people and…