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   549

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.

600k New Miners to Join BTC Network in 3 Months

Experts believe that hashrate and complexity will continue to grow
17 September 2019   53

Hashrate and bitcoin mining difficulty have increased by 60% since mid-June. This indicates that more than 600 thousand new devices for mining are connected to the network, Coindesk reports.

Since the beginning of summer, several new ASIC miners with an average capacity of 55 TH / s have appeared on the market.

With an average device cost of $ 1,500- $ 2,500, the total revenue of leading manufacturers could be $ 1 billion.

The increase in demand for equipment is partly due to an increase in the price of bitcoin, as well as the rainy season in southwestern China and, therefore, cheap hydropower.

Following the drastic increase in bitcoin’s price, the bitcoin mining market saw significant inflation in Q2 2019. Most of the miners from various manufacturers were in serious shortage and pre-orders submitted in Q2 and Q3 are to be delivered by the end of the year.
 

Tokensight

According to their estimates, the hashrate and complexity will continue to grow. By the end of the year, the total computing power of the bitcoin network will exceed 100 EH / s, and the mining complexity will be 15 trillion, they say.