Iran Allows Bitcoin Mining Again (If It Uses Renewable Energy Sources)

Key facts:
  • Licensed Bitcoin miners will be able to purchase electricity from renewable sources.

  • Since June 2022, Iran has banned Bitcoin mining farms from accessing electricity.

Iran, a country that maintains a love-hate relationship with Bitcoin mining, once again opens the doors for mining farms to operate normally. They will be able to access electricity from the public network, as long as it comes from renewable sources.

As CriptoNoticias detailed, this Asian country maintained, since last December, a ban on Bitcoin mining. In the middle of the year, some permits were granted to mining farms, so that they could have generators on-site Of electricity. In this way they would consume both the energy generated by them and, partially, that coming from the public network. A few weeks later, in mid-June, access to this electricity was again prohibited.

Now, the Iranian government partially lifts this veto, as Bitcoin mining companies will be able to buy electricity, but, under the condition that these come directly from renewable sources.

The Bitcoin portal pick up that previously mining farms could only access renewable energy from their own locality, however, with the new regulation, these may be from anywhere within Iranian territory.

Electricity produced by renewable sources is usually cheaper, therefore it can mean savings in the cost of production and an increase in the profitability of Bitcoin mining farms.

The reason why Iran has kept a back and forth with the prohibitions and permits with the Bitcoin mining farms has been the energy deficit that it suffers. In seasons of extreme heat or cold, Iran must severely cut power consumption and start with the cryptocurrency mining industry first.

An example of this occurred in June, when bitcoin miners (farms and individuals) were required to stop all activity until the end of the summer.

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