iMiner given license for cryptocurrency mining in Iran
iMiner is a cryptocurrency mining and investment company registered in Turkey. The company has Bitcoin miner rental services, allowing you to rent Bitcoin miners. They offer three different Bitcoin miners:
- Aladdin Miner
- Bitfilly Snow Panther A1
- StrongU STU-U8
iMiner has over two years of Bitcoin mining and investment experience operating in five countries. They have now been given the go-ahead with Bitcoin mining in Iran.
The issued licence
Iran’s Ministry has allowed iMiner to use 6,000 Bitcoin mining machines in Semnan, a city situated in North Central Iran, 216km from the capital Tehran.
The project
The project will cost $7.3 million USD to set up in Semnan. The new farm will have the operational ability of 96,000 TH/s, making the new iMiner farm the largest in Iran.
Costs
Iran has one of the lowest electricity costs per household in the world. The cost per kWh for households in September 2019 was 0.01 USD, according to Global Petrol Prices.
Households in the UK have to pay 0.24 USD per kWh; While China, which is the Bitcoin mining centre of the world, has to pay, on average, 0.08 USD per kWh. Bitcoin mining is highly energy intensive and requires substantial amounts of electricity. Therefore, due to the extremely low electricity costs, the project should have lucrative profit margins for iMiner in the long-term.
Mining in Iran
Since Bitcoin mining was legalised in July 2019, the Bitcoin mining industry has boomed in Iran. There are now over 148,000 Bitcoin miners in the country. With iMiners new project, the mining expansion in Iran appears to be in full stride.
Bitcoin in Iran
Iran has suffered high levels of inflation in recent years. Since the US implemented heavy trade sanctions on the nation, their currency has plummeted in value against major currencies. With the lowest oil price seen in decades, the oil dependent nation has seen a surge in Bitcoin demand. Bitcoin is once again acting as a safe haven; working as a store of monetary value against inflated currencies.
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