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Iran could generate massive revenue from cryptocurrency mining
Cryptocurrency mining is one of the leading businesses in the cryptocurrency sector. This is because it is needed for several cryptocurrencies to be generated and for transactions to be approved on the networks.Iran has become a significant player in the crypto mining space, accounting for 4.5% of all Bitcoin mining in the world. A new study from Elliptic revealed that the Middle Eastern country could generate as much as $1 billion annually from cryptocurrency mining activities. Elliptic estimated these earnings using data from the Cambridge University’s Centre for Alternative Finance and various statements from Iran’s state-controlled Power Generation, Distribution, and Transmission Company.
According to the country’s energy generation body (also known as Tavanir), cryptocurrency miners use roughly 600MW of electricity annually. However, Elliptic admitted that the numbers are challenging to determine.
Iran adopts Bitcoin to bypass US sanctions
The report added that Iran had adopted Bitcoin and other cryptocurrencies as a means to bypass the trade sanctions imposed by the United States. “Iran has recognized that Bitcoin mining represents an attractive opportunity for a sanctions-hit economy suffering from a shortage of hard cash, but with a surplus of oil and natural gas,” Elliptic added.Once it recognized this, Iran officially regulated cryptocurrency mining and trading activities in the country. Miners are compelled to sell their cryptocurrencies to the Iranian central bank, which uses the coins to imports products into the country. By using Bitcoin and other cryptocurrencies, Iran has been able to import products into the country despite the trading sanctions imposed by the United States.
Furthermore, the Iranian central bank has banned the citizens from trading cryptocurrencies mined outside Iran. This prevents capital outflow and ensures that the local fiat currency doesn’t suffer from the current economic sanctions.
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