Iran’s energy minister proposes real electricity bills for cryptocurrency miners

The deputy minister for Iran Homayoun Haeri has suggested a change in the way cryptocurrency miners are billed for electricity. The minister wants the miners to be billed real electricity cost. The existing power export rates should apply for cryptocurrency miners.

Apparently, the Iran government pays subsidies amounting to $1 billion in order to bridge the gap between the cost of the electricity and the consumers as per the Financial Tribune. Reports in December said that the crypto miners in the country were wrecking in good profits despite the market being in a downtrend and the fluctuations experienced in the national rial currency due to the sanctions by the U.S.

Cryptocurrency mining has been accorded full government support since September last year. Various departments of the government welcomed the mining activities including the Ministry of Information and Communications Technology, the central bank, the Ministry of Energy. In addition, the Secretary of Iran's Supreme Cyberspace Council said that a platform was to be put in place for the introduction of cryptocurrency mining regulation.