CryptoMining: Cheap Electricity in Iran Attracts Massive Foreign Bitcoin Miners

[Goodcat49]

As very many bitcoin miners in the world have attempted to close down their mining equipment, other miners are doing everything possible to find alternative means of surviving. Iran has come out to attract overseas miners because of its $0.006 cost for each kilowatt consumed in one hour. This makes it one of the low-cost power activity in the country.

Bitcoin mining activity consumes a lot of electricity, so miners will only make profits if the cost of power is favourable and any accrued expense isn’t greater than mining operation cost. Some countries like Norway, for example, have removed electricity tax subsidies for all cryptocurrency miners, as earlier reported by coinidol.   

According to a report by Aftenposten, a Norwegian member of parliament, Lars Haltbrekken, indicated in the report:   

“Norway cannot continue to provide huge tax incentives for the most dirty form of cryptographic output like bitcoin. It requires a lot of energy and generates large greenhouse gas emissions globally.”     

A blockchain technology researcher at Areatak, Nima Dehqan, said that the company have been in talks with potential foreign investors who want to start carrying out mining in the country. Some of these investors are from France, Spain, Armenia, and Ukraine.   

Areatak has officially signed a great deal with Coinpods - a Spanish mining company, such that it can become a local partner and create mining farms in Iran.   

The whole process will have three major phases, Dehqan explained:   

“First is sort of a just-to-make-sure testing phase, which is already in place. Second is building new infrastructures together, which somehow has already started, too. And the third will be gathering more investors from outside of Iran.”   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptomining-cheap-electricity-in-iran/