Iran's Tavanir talks impact of tariffs on cryptocurrency mining

Business Materials 23 April 2022 14:56 (UTC +04:00)

TEHRAN, Iran, April 23. Iran's tariff on cryptocurrency mining is not preventing investment in the industry, said an official in Power Generation, Distribution, and Transmission Company (Tavanir) Mohamad Khodadadi Behloli, Trend reports IRNA.

"The cost of electricity for cryptocurrency miners is at the standard rate," he said.

He pointed out that the country's power infrastructures do not have the capacity to supply electricity for cryptocurrency mining throughout the year therefore investment in renewable power plants is a proper solution.

The Iranian government-approved cryptocurrency mining as industrial activity in 2019, numerous companies started mining due to the extremely low-cost electricity, and now Iranian power plants started to see this industry as an opportunity to increase their revenues.