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

  • The minister wants the miners to be billed real electricity cost.
  • Cryptocurrency mining has been accorded full government support since September 2018.

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum 2.0 January 3, 2020 launch date remains unconfirmed

The Ethereum ecosystem is preparing for what is known as the biggest milestone for the network, Ethereum 2.0. The new protocol is still in the development stages and researchers have recently told the community that it is possible that there will be a delay in the launch.

More Ethereum News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast