A new study has found that Iran currently accounts for 4.5% of the world's bitcoin mining and that it is using the technology to create millions of dollars in cryptocurrency assets.
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A new study has found that Iran currently accounts for 4.5% of the world's bitcoin mining and that it is using the technology to create millions of dollars in cryptocurrency assets to counter the United States and other countries. To be safe from the effects of strict sanctions imposed by
Washington has imposed sanctions since the 1979 Iranian revolution in opposition to Iran's nuclear program and its support for these groups in the Middle East. The United States considers groups in the Middle East to be terrorist organizations. Sanctions on Iran in their current form are almost complete economic sanctions under which Iran cannot import anything, while sanctions on the oil export, banking and shipping industries are the most damaging. Oil exports have fallen by 70% in a decade, leading to a financial crisis, unemployment and occasional public unrest in Iran.
But a new study by cryptocurrency database analytics firm Aleptic shows that Iran has started cryptocurrency as a new way to leverage its survival and energy potential, given the fact that Iran is a natural The world's largest resource-generating country, a reasonable and relatively inexpensive method. Iran has taken bitcoin mining as an attractive business method since 2019 and has rapidly developed a licensing system under which bitcoin Miners will need to be able to buy electricity at higher prices and sell their manufactured bitcoins to the central bank.
Since then, bitcoin farms have sprung up across Iran, including mosques, for which electricity is free. Bitcoins Farms have, in fact, given Iran the opportunity to sell its energy assets indirectly on world markets and to avoid sanctions imposed on them in those markets. Can be used In this way, miners will have the opportunity to avoid restrictions on transactions with Iranian banks.
It is difficult to estimate the extent of bitcoin mining in Iran. The firm Elliptic says it is 4.5 percent. The figures are based on data collected by the Cambridge Center for Alternative Finance from cryptocurrency makers by April 2020 and based on statements from the state-run energy-producing company that it released in January 2021. These statements show that the bitcoin mining sector is using 600 megawatts of electricity.
The electricity that the Quinn miners are using is equivalent to about 10 million barrels of crude oil a year. This amounts to about 4% of Iran's total oil exports last year. Is generating about ارب 1 billion a year, but the mining process is putting pressure on the country's fragile energy infrastructure. These Chinese companies have set up farms in the Rafsanjan Special Economic Zone in the southeastern part of the country.
"We have good local resources in Iran and we have good relations with the Ministry of Energy, the Ministry of Foreign Affairs and even the military in Iran," Lobian said in a statement to ATBTC News.
According to Dr. Tom Robinson, co-founder of Elpitak and head of the team of scientists: If 4.5% of bitcoin mining is taking place in Iran, then there is a 4.5% chance that the sender of the bitcoin will have to pay a fee to the miner in Iran for any transaction. ۔ '
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