Fun

Iran Allows Renewable Power Plants to Supply Crypto Miners With Electricity

News Feed - 2021-12-30 08:12:58

Iran Allows Renewable Power Plants to Supply Crypto Miners With Electricity


Authorities in Iran have decided to permit power generation plants using renewable sources to sell electricity to licensed cryptocurrency miners. The move comes after the government asked mining companies to suspend activities in order to avoid winter blackouts. Crypto Miners in Iran to Mint Digital Coins Using Renewable Energy


Regulated companies mining cryptocurrency in Iran will gain access to green energy, local media reported. The Ministry of Energy in Tehran has adopted new rules allowing plants generating electricity from renewable sources to supply coin minting enterprises that operate within the law.


“Legal miners can enter into agreements with renewable power plants at negotiable terms and rates,” Mohammad Khodadadi, who heads the Tavanir department responsible for the mining industry, told the ISNA news agency. He also emphasized that the energy ministry will play a role in establishing the exact tariffs.


Tavanir, the Iran Power Generation, Distribution and Transmission Company, is the country’s state-owned utility that recently ordered authorized miners to unplug their equipment. The measure is part of efforts to prevent blackouts as energy demand increases with dropping temperatures.


The Ministry of Energy has been trying to reduce the use of liquid fuels for generation since last month, Tavanir’s spokesman Mostafa Rajabi Mashhadi recently told the state-run broadcaster IRIB. Shutting down licensed crypto farms is among a range of measures aimed at avoiding electricity shortages this winter.


Iran legalized bitcoin mining in 2019 and introduced a licensing regime for entities operating in the industry. Registered crypto farms are buying electricity at higher, export rates and many Iranian miners are avoiding the mandatory registration to take advantage of subsidized household prices.


In May, then-President Hassan Rouhani announced a temporary ban on crypto mining amid growing demand for electricity and insufficient supply caused by the extraordinarily hot weather and droughts. Authorized mining enterprises were also blamed for the shortages.


The country’s crypto community criticized the restrictions after estimates indicated that legal miners consume only around 300 megawatts daily, while underground crypto farms burn 10 times more. The ban was lifted in September when demand for electricity decreased with cooler weather.


Tavanir has been cracking down on illegal mining operations throughout the year. Iranian media revealed in November that the utility had confiscated over 220,000 mining machines and shut down almost 6,000 crypto farms in different regions of the Islamic Republic. Tags in this story ban, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, energy ministry, Iran, Iranian, Iranians, Miners, mining, power plants, Prices, rates, renewable, Renewable Energy, renewable sources, restrictions, tariffs, Tavanir, utility


Do you think Iranian crypto miners will accept the government’s offer to use renewable energy? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Power Deficit Forces Crypto Miners to Leave Kazakhstan MINING | 1 day ago Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High MINING | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAscendEX Lists Maple Finance Token, MPL Next articleClose to $50 Million in Bitcoin From 2011 Moved for the First Time in 10.5 Years Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItItalian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG


The Italian luxury sports car manufacturer headquartered in Maranello, Italy, Ferrari has announced the firm is partnering with Velas Network AG, a firm that specializes in blockchain and non-fungible token (NFT) technology. Ferrari Reveals Partnership With Blockchain Firm Velas On ... read more.Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High Pensioners of the National Oil Company Will Receive 2 Petros as a Gift in Venezuela Million-Dollar Digital Collectibles: An In-Depth Look at the Top 10 Most Expensive NFTs Sold This Year India"s Swadeshi Jagran Manch Calls for Outright Ban on Cryptocurrency

News Feed

Report: Bitcoin Set for its Biggest Breakout Yet
Report: Bitcoin Set for its Biggest Breakout Yet A recent Coinmetrics report says on-chain fundamentals are hinting at bitcoin experiencing its biggest breakout
Metaverse Real Estate Sales Expected to Reach $1 Billion This Year
Metaverse Real Estate Sales Expected to Reach $1 Billion This Year Real estate sales in the metaverse are expected to reach a billion dollars this year, according to a metaverse an
Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge
Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge United Arab Emirates (UAE)’s Ministry of Economy has joined hands with the Ara
Tristan Greene13 hours agoSEC v. Ripple referred to judge who ordered release of ‘Hinman Documents’Judge Analisa Torres has sent the remaining issues in the SEC v. Ripple case to Magistrate Judge Sarah Netburn.9203 T
Etherscan ads behind massive phishing campaign
Arijit Sarkar1 hour agoEtherscan ads behind massive phishing campaignThe wallet drainer scam involves luring users into fake websites, prompting them to link their crypto wallets and eventually draining all funds.496 Tot
Technical Analysis: Cosmos Climbs Higher, While Solana’s Fall Continues
Technical Analysis: Cosmos Climbs Higher, While Solana"s Fall Continues After trading lower for the majority of Monday’s session, cryptocurrency prices were slowly starting
How a Spoof Turned Into a Media Hype About Bitcoin Cash
How a Spoof Turned Into a Media Hype About Bitcoin CashAn anonymous Bitcoin Cash (BCH) supporter says he deliberately started a spoof which successfully baited local media to report
Bitcoin price slips 3% as US macro data compounds inflation problem
William Suberg8 hours agoBitcoin price slips 3% as US macro data compounds inflation problemBTC price strength wobbles on the release of problematic U.S. inflation data as traders brush off Bitcoin’s moves around all-t
Game Developer Moonray PBC Raises $3.5 Million, Aims to Bring NFT and Blockchain Gaming to Bitcoin
Game Developer Moonray PBC Raises $3.5 Million, Aims to Bring NFT and Blockchain Gaming to Bitcoin On December 14, Moonray PBC, the developer behind the multiplayer action-role-pla
‘Metaverse’ Term Creator Neal Stephenson Not Bullish About Massive Adoption of Virtual Worlds
"Metaverse" Term Creator Neal Stephenson Not Bullish About Massive Adoption of Virtual Worlds Neal Stephenson, ostensibly the first to coin the term “metaverse,” issued
Trava Knight NFT Open to All, Trava to Expand NFT Rental Marketplace Utilities for Lending Pool
Trava Knight NFT Open to All, Trava to Expand NFT Rental Marketplace Utilities for Lending Pool sponsored Something exciting & sensational is coming for NFT collectors and enthusias
Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange
Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange