According to estimates by blockchain analytics company Elliptic, Iran could net up to $1 billion in annual Bitcoin mining revenue.
The country's share of the global hash rate has now grown to nearly five percent.
Cryptocurrency mining farms consume roughly 600 megawatts of electricity in Iran. card
A complicated stance
Iran is walking a fine line between reining in mining farms and using Bitcoin profits as a means of circumventing U.S. sanctions.
The Central Bank of Iran allows people to pay for imports with mined coins.
At the same time, the country is struggling with power outages caused by rampant unauthorized mining, which caused a recent crackdown.
Local miners can go as far as establishing operations in mosques to take advantage of free electricity. Iran is now enlisting spies to track down such unscrupulous actors.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov