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30 crypto mining facilities are now licensed in Iran

The Ministry of Industries, Mining and Trade of Iran has provided licenses to 30 virtual currency mining establishments last week
Iran

The Ministry of Industries, Mining and Trade of Iran has provided licenses to 30 crypto mining establishments last week.

Despite the latest ban the government of Iran announced in May, several crypto mining facilities have been excluded from it. 30 of them were permitted to continue their operations, but only after issuing the licenses from the ministry.

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The province of Semnan has the largest number of permits, with six authorized digital currency mining farms. Alborz, Zanjan, East Azarbaijan, and Mazandaran provinces were granted four licenses each.

Unlicenced mining was creating many issues with the electricity supplying. It was also causing damages to the local power grid and transformers, generating blackouts throughout the country. Even though licensed miners use much less electricity the ban applied to them all.

Earlier this month, the president of Iran talked about crypto during a cabinet’s Economic Coordination Board meeting. He called the board members to regulate it “as soon as possible” and warned consumers about the risks the industry carries.

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Hassan Rouhani, president of Iran

“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

Hassan Rouhani, president of Iran

President Rouhani thinks investments in digital currencies are not safe and “unprofessional entry in this field should be avoided.” He also encouraged government agencies and media to join forces and confirmed that crypto mining will be prohibited until September.

“The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws.”

Hassan Rouhani, president of Iran

Cryptocurrency mining is widely spread in the Islamic Republic of Iran. After the Iranian government categorized mining as an industrial activity, a large number of companies started to mine all over the country, helped by low-cost electricity and power plants.

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