Iranian Miners Won't Receive Electicity Discounts

Cryptocurrency mining is developing in Iran despite trading ban due to cheap electricity, but energy minister believes miners shouldn't receive discounts
10 June 2019   331

Iranian Energy Minister Homayoun Haeri said that cryptocurrency miners should not use reduced rates for electricity, the Financial Tribune reported.

According to the publication, the authorities of this republic spend about $ 1 billion a year on subsidizing electricity tariffs for the population. At the same time, mining and cryptocurrency trading in Iran is prohibited. However, despite the prohibition, these areas continue to develop due to relatively inexpensive electricity, on which mining profitability directly depends.

In addition, American sanctions are significantly intensifying the crypto industry in Iran, because of which the population is increasingly preferring Bitcoin and other digital assets to the local currency.

Thus, if the measures proposed by the Iranian minister are applied, miners lose electricity at a rate of about $ 0.01 per kW / h. This is likely to have a sharp negative impact on the local cryptocurrency market.

According to FinCEN, Iranian authorities use Bitcoin and other cryptocurrencies to circumvent economic sanctions.

Giant Mining Solar Powered Farm to Created in California

Plouton Mining will allocate solar panels on 49 acres and it's planned they should generate about 10-13 megawatts per day, working for an average of 12 hours
26 June 2019   67

Plouton Mining, a subsidiary of Plouton Group Holding, intends to open the largest Bitcoin farm in North America for mining, whose operations will be provided by solar energy. To this end, the firm chose a territory in the western part of the Mojave Desert, California.

Plouton Mining will place solar panels on 49 acres: they should generate about 10-13 megawatts per day, working for an average of 12 hours. The company stressed that Western Mojave receives sunlight for 70% of the year.

The company will also sign the necessary contracts with local electricity suppliers in order to operate the farm in the absence of solar radiation.

Meanwhile, the bitcoin hashrate has again updated the historical maximum at 66.666 EX / s.