The deputy head of the country’s Power Generation, Distribution, and Transmission Company (Tavanir) has confirmed that power plants in Iran are now allowed to mine cryptocurrencies.
Mostafa Rajabi Mashhadi, deputy head of Tavanir, explained that first power plants have to comply with tariffs set for crypto mining and then they can apply for the licenses from the Ministry of Industry, Mine and Trade in Iran.
“The power plants must submit their requests, and follow the approved tariff set for cryptocurrency mining centers“, Mashhadi said.
Mining farms are reportedly paying as little as $0.01 to $0.05 for one kilowatt-hour (kWh) of electricity in Iran, and that’s why miners have been taking advantage of the country’s low electricity rates.
Moreover earlier this year, Iran issued more than 1,000 cryptocurrency mining licenses.
Also, as cryptocurrencies are expanding according to Coindesk.com Iran’s President Hassan Rouhani called for the creation of a Muslim cryptocurrency in December last year in cooperation with Turkey and Malaysia.