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.