Business And Markets

New Rules for Cryptomining

New Rules for Cryptomining
New Rules for Cryptomining

The Energy Ministry Wednesday published new regulations guiding cryptomining work. Miners will be charged 16,574 rials for one kilowatt-hour of electricity, the ministry website reported. 
It said the base rate will be cut by half when household consumption is low and the national grid is not under pressure as usually is the case in the summer months.
The base rate, however, is four times higher than previous 4,800 rial for one kilowatt-hour. Electricity prices are set based on power export tariffs based on currency parity rates at Nima -- a currency platform were foreign currency is traded among  importers and exporters.  Base rates will be updated at three- month intervals and subject to forex rates.    
Rates will double during restrictions like when power plants do not receive enough gas as feedstock or the national grid struggles to meet household demand. 


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