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New Crypto Mining Company Licensed to Establish Farm in Iran

New Crypto Mining Company Licensed to Establish Farm in IranNew Crypto Mining Company Licensed to Establish Farm in Iran

Iran's Ministry of Industries, Mining and Trade, as the authority of authorizing crypto mining operations in the country, has reportedly allowed a Turkey-based company to establish crypto mining farm in Iran.

According to local media outlet Tabnak, the license will allow iMiner to deploy 6,000 bitcoin mining machines in Semnan Province.   

The new deployment will lead iMiner to operate at a total capacity of 96,000 terahashes per second (TH/s), per the report. iMiner has invested 311 billion rials ($7.3 million) to set up the farm, which is said to be the largest mining facility in Iran.

iMiner already has an office in Iran’s Tehran city “for administrative purposes only” and had been providing services “only in an informal manner,” according to the company's website. The license could be the official go-ahead to its operations in the country.

iMiner claims to have over seven years of experience in bitcoin mining, and also offers miner rental service in Turkey, Russia, the U.S., Canada and Iran.

Iran authorized crypto mining as industrial activity in July 2019, and since then, the country’s government has issued over 1,000 licenses to crypto mining firms. Iran’s subsidized electricity rates have led to several miners flocking to the country. Miners are reportedly charged ~$0.11 for one kilowatt-hour (kWh) of energy. During the peak summer season (June to September), however, the charges are higher at ~$0.46 per kWh.

 

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