Iran All Set to Deploy a New Tariff Scheme for its Cryptocurrency Miners

  • Mostafa Rajabi Mashhadi — a spokesperson for Iran’s Energy Department (ED) — recently stated in an interview that mining a single Bitcoin (BTC) consumes a total of $1,400 of the state’s ‘subsidy reserves’.
  • A recent study released by local researchers claims that the power used to mine a single BTC can power 24 buildings in Tehran for a full year.

As per a report released by a trusted local media outlet recently, the Iranian Economic Commission has finalized a tariff scheme for its local crypto miners that will come into effect immediately (given that it is passed by the nation’s official cabinet).

Not only that, the country’s energy minister Homayoon Ha’eri also pointed out that while he and his team had devised an all new pricing scheme for Iran's crypto sector, the cost structure for the same would be dynamic and be dependent largely on the price of Gulf oil.

For those of our readers who may not be aware of Iran’s amazing electricity rates, the country currently offers its citizens with one kilowatt hour of electricity for a meager $0.05. If that wasn’t enough, power rates are even lower across regions that have been deemed to be agricultural or industrial zones.

As per a circular released by the Central Bank of Iran (CBI), the Iranian government is looking to authorize its cryptocurrency mining sector in the near future.

If certain laws are passed and brought into effect, Iranian mining rig operators will be forced to abide by a new pricing scheme that will not allow them to procure electricity at heavily subsidized rates.

Earlier today, Jamal Arounaghi — Deputy President of the Islamic Republic of Iran Customs Administration — told local media agencies that his team had yet to issue any licenses that would allow enthusiasts to import cryptocurrency mining equipment from different countries located across the globe.

People Still Cant Buy Mining Equipment in Iran Legally

As mentioned earlier, Iran’s Customs Department is still not officially allowing people to import cryptocurrency mining devices into the country. But it still appears as though the IRICA has come up with a tariff scheme that seems to be inclusive of such purchases — with mining rigs being classified as “computers and central processors.”

However, Arounaghi has made it explicitly clear that the mere presence of a tariff rate “does not indicate than an item is legal or approved by the state”.

Lastly, various Iranian regulatory bodies have noted that in the wake of all the sanctions placed by the US government against them, more and more people are gradually turning towards Bitcoin — since the digital currency is not dependant on the US Dollar at all.

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