A Turkey-based Bitcoin mining firm iMiner has been issued a license by the Iranian government for Bitcoin mining, trading and custody services in the country. The license will allow the form to open a mining farm in Iran. A whopping investment of around 311 billion rials ($7.3million) has been done in the project. This is said to be the largest mining farm in the country so far.

According to the local media reports, iMiner will establish this mining farm in the Semnan city of Iran and has been permitted to set-up 6000 Bitcoin mining equipment in the project. It is worth to mention that the country already has 148,000 Bitcoin mining machines, operating in full swing.

The new mining equipment will increase the capacity of mining operations at 96,000 TH/s. (Terahashes/ Second).

However, the government is cautious about the volatility of the crypto industry and is also wary of the strain on the power grid due to the tremendous power demand for mining operations.

iMiner 

The iMiner is the largest Bitcoin mining and investment firm in Turkey. The firm also runs a Miner rental service which is operational across Turkey, Russia, the US, and Canada, which they have launched now in Iran as well.

Iran Emerging as new Crypto Mining Hub 

The Iranian government had legalized the crypto mining as industrial activity in July 2019. It has so far issued around 1,000 licenses to various crypto mining companies.  

Apart from the popular mining hubs such as China, France, and Ukraine, Iran is emerging as a popular mining destination among the Bitcoin miners as it offers subsidized power rates. Miners from China thus had officially requested the Iran government earlier to set up a mining shop in Iran.

As per the reports, miners are being charged around $ 0.11 for 1 KWh (Kilowatt-hour)of energy.

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Jayashree Ingle

CBW - External Analyst

INDIA