Chinese bitcoin (BTC) miners use Iran’s cheap electricity according to minister

Chinese bitcoin (BTC) miners use Iran's cheap electricity according to minister

Chinese bitcoin (BTC) miners use Iran's cheap electricity according to minister

Iran’s Minister of Communications and Information Technology believes Chinese Bitcoin miners have flocked to the region because of cheap electricity, local media reported on July 6th.

Iranian minister Mohammad Javad Axari Jahromi believes that the reduced electricity cost has led to the establishment of Chinese Bitcoin miners in their region. The evidence to support his claims is merely his senses. Therefore, the claim put forward does not rely on concrete evidence.

Although the allegations are odd, we must emphasize that many Iranians pay only 5 cents per watt. Compared to other nations, electricity costs in Iran are extremely low. For this reason, the appetite of Bitcoin miners is seen as very normal. Therefore, the figure corresponds to 5% of electricity costs in other countries.

Jahromi also said that he believes that crypto mining is flowing into Iran, rather than a major move by the Chinese state, which is certainly a case of Chinese individuals:

The Chinese government has no plans to be involved in crypto-currency mining in Iran. However, China’s private sector and its people may be involved.

Specifically, in the crypto currency universe , examples such as Venezuela and Iran attract attention. Iran and Venezuela, which are the focus of economic sanctions, are trying to get rid of these sanctions with Bitcoin and crypto coins. Both countries are known for their crypto-money projects.

About Viktor Sokolov 164 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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