Iran to Accept Crypto Mining as Industry

However, the regulatory framework for mining has not yet been developed
05 September 2018   1447

According to the Secretary of the Supreme Council of Iran on cyberspace Abolhassan Firouzabadi, the government of the country recognized the cryptocurrency mining as a separate industry. This is reported by the local agency IBENA.

The official noted that the cryptocurrency mining was recognized as a separate industry by such departments as the Ministry of Information and Communication Technologies, the central bank, the Ministry of Industry, Resources and Trade, the Ministry of Energy and the Ministry of Economy and Finance. However, the regulatory framework for mining has not yet been developed.

It is also reported that the National Center for Cyberspace of Iran and the Central Bank of the country will submit final rules for the creation of blockchain startups, crypto trading and other activities related to cryptocurrencies before the end of September.

Abolhassan Firouzabadi added that Iran's national cryptocurrency can be used as an instrument of payment with economic partners and friendly states, and will also circumvent US sanctions.

At the end of August, the National Center for Cyberspace of Iran announced the completion of work on the draft national cryptocurrency.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   239

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.