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Iran: Special Electricity Tariff for Cryptocurrency Miners

Special Electricity Tariff for Cryptocurrency Miners  Special Electricity Tariff for Cryptocurrency Miners

The Energy Ministry has agreed on a tariff for electricity used in cryptocurrency mining, the head of Iran Electrical Industry Syndicate said.
“The ministry has proposed the rate of 7 cents for each kilowatt-hour of electricity consumed in cryptocurrency mining to the government for making the final decision,” Ali Bakhshi was also quoted as saying by Fars News Agency. 
Cryptocurrency mining in Iran has become a lucrative business in recent years, thanks to the extremely low-cost electricity. Each kilowatt-hour currently costs as low as 0.5 cent in the country. Electricity is even cheaper in the industrial and agricultural sectors.  
Bitcoin mining is a kind of energy arbitrage. Miners make their money when the cost of producing coins is lower than the operation of the mine itself, including electricity.

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