Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners
фото показано с : news.bitcoin.com

2019-11-15 04:00

Throughout the course of 2019, Iran’s government and the country’s energy officials have been creating new guidelines for bitcoin miners setting up data facilities in the oil-rich nation. On Wednesday, Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, described a new price model for mining operations and prices per kilowatt-hour (kWh) will fluctuate during certain months.

Also Read: Iranians Defy Warning and Share Pictures of Bitcoin Mining in Mosque

Iran’s Energy Ministry Plans to Pay Anyone Who Exposes Illegal Bitcoin Mining Operations

There’s been a lot of reports over the last year detailing how mining operations have migrated to Iran for cheap electricity. After the initial migration, the Iranian government and the country’s power supplier noticed a lot of energy was being used by crypto mining facilities. Following a government announcement about illegal miners, pictures were shared online that showed bitcoin miners housed inside a mosque.

Spokesperson for Tavanir (Iranian power grid) Mostafa Rajabi.

On November 13, Iran’s Energy Ministry spokesperson Mostafa Rajabi explained the country’s new guidelines for mining operations during an interview with IRIB News. Rajabi told the press that anyone who identifies illegal bitcoin operations to the government will be rewarded. Rajabi emphasized that people who expose these facilities will be paid 20% of the recovery damage stolen from the electrical grid.

Fluctuating Electrical Prices

Iran’s Energy Ministry will also prohibit mining digital assets after the peak hours of consumption surpass a threshold of 300 hours annually. During the interview, Rajabi also noted how much bitcoin miners would be charged using the average price for the export of electricity in Iran. During some points of the year, miners could be charged $0.08 per kWh (9,650 rials) and during the cold months of the year, miners would only be charged $0.04 per kWh. However, during the summer months when electricity is used the most in Iran, electrical prices could quadruple to $0.16 per kWh, Rajabi noted. Rajabi disclosed that the new mining rules were initiated when Iran’s summer electrical demand jumped by 7%.

A Bitcoin mining facility in the desert outside of Tehran.

Last June, Iranian law enforcement officials reportedly confiscated 1,000 bitcoin miners from two facilities. This was followed by a bill that was ratified two months later stating that cryptocurrency mining in Iran would be considered a legitimate business. During Rajabi’s interview, he told IRIB News that Iran will help operations that create their own power plants with government incentives. Mining operations that utilize renewable energy sources would be also rewarded, Rajabi stressed.

What do you think about the situation in Iran in regard to bitcoin miners? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Wiki Commons, Fair Use, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Miners' Reward Token (MRT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0513673 (-100%)

bitcoin miners fluctuate iranian iran new energy

bitcoin miners → Результатов: 126


Bitcoin Miners’ Role In BTC’s Valuation Is Declining: Glassnode

On-chain data from Glassnode suggests the role of Bitcoin miners in the asset’s valuation has been going down over the years. Bitcoin Miners’ Issuance Now Only Makes A Small Part Of Daily Realized Value In a new report, the on-chain analytics firm Glassnode has studied the different components that contribute to Bitcoin’s “realized cap.” The […]

2023-9-14 19:40