Since early 2018, when news of Iran’s interest in cryptocurrency first broke, there have been reports that the country is mining bitcoin. But it’s not clear how much bitcoin Iran is mining, or whether the country is actually profiting from it.
In June 2018, the Iranian government announced that it was considering using cryptocurrency to circumvent economic sanctions imposed by the United States. The following month, Iranian media reported that the country had started mining bitcoin.
The reports were based on statements by Iranian officials, including Abbas Jafari Dolatabadi, the head of Iran’s task force on combating money laundering and terrorist financing. Dolatabadi said that Iran had “started mining bitcoin and other digital currencies recently.”
However, other officials have been less forthcoming about Iran’s cryptocurrency activities. In September 2018, Alireza Daliri, the head of Iran’s Directorate for Scientific and Technological Affairs, denied that the country was mining bitcoin.
And in November 2018, Mohammad Reza Pourebrahimi, the chairman of Iran’s Economic Commission, said that “no one knows” whether Iran is mining bitcoin or not.
NOTE: Warning: Mining for Bitcoin in Iran is illegal and carries severe penalties. Mining for digital currencies in Iran is punishable by imprisonment, fines, and confiscation of equipment. It is strongly advised that individuals and businesses refrain from attempting to mine Bitcoin in Iran.
So what’s really going on? It’s hard to say for sure, but it seems unlikely that Iran is mining large amounts of bitcoin. For one thing, the country has a limited amount of electricity generation capacity, which would make large-scale bitcoin mining difficult.
Furthermore, most of Iran’s electricity is generated from natural gas and oil, which are both subject to sanctions. This would make it difficult for Iran to sell any bitcoin it mined on international exchanges.
Finally, it’s worth noting that Iranian officials have made contradictory statements about the legality of cryptocurrency in the country. In September 2018, Alireza Daliri said that cryptocurrency mining was illegal in Iran.
But in November 2018, Mohammad Reza Pourebrahimi said that there was “no law against Bitcoin and cryptocurrency mining in Iran.”.
It’s possible that Iranian officials are deliberately trying to create confusion about the country’s stance on cryptocurrency in order to discourage investment. Or it could be that they simply haven’t reached a consensus on the issue yet.
In any case, it seems unlikely that Iran is currently a major player in the bitcoin mining industry. The country may be experimenting with cryptocurrency mining on a small scale, but it is unlikely to be generating large amounts of bitcoin.
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The Central Bank of Iran has issued a warning to citizens about the risks associated with cryptocurrency mining, saying that it could lead to “financial and economic damage”. The Iranian government has been mulling over the possibility of regulating cryptocurrency mining in the country. The country’s Economic Commission has proposed a plan that would see the government issue licenses to miners, who would then be required to pay taxes.
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