Iran has turned to crypto mining as a lifeline to temper the effects of the sanctions imposed by the United States, Independent reported.
- According to Elliptic, Iran now accounts for 4.5% of the world’s Bitcoin mining which in turn raises hundreds of millions in cryptocurrency assets for the country.
- This means that there is a 4.5% chance that a Bitcoin miner in Iran will receive fees for every Bitcoin transaction made.
- Iran in the past two years established a licensing system that slaps higher taxes on miners for their electricity use.
- Miners in the area are also pushed to sell their mined coins to the central bank.
- Several foreign firms have since put up their operations in Iran, specifically in the Rafsanjan Special Economic zone in the south east.
- The funds generated temper the losses from U.S. sanctions which amount to a near-total economic embargo and a ban on all imports.
BTC/USD is up 5.38%
