30 Crypto Mining Firms Licensed to Mint Cryptocurrencies in Iran

Fazzaco learned that ​the Iranian Ministry of Industry, Mine and Trade has issued licenses to 30 crypto mining firms to allow them to continue their operations in the country.

Let's recall that, in May, the country has temporarily banned the mining of cryptocurrencies, such as bitcoin, until September of this year resulting from the load they place on the national power grid because of an exceptionally hot summer. These regulated companies are now exempt from the ongoing blanket ban and can continue mining digital currencies.

​Six licenses have been doled out in the Semnan province while the province of Alborz, which sits just outside the country’s capital, received four. Also receiving four licenses were the provinces of Mazandaran, East Azarbaijan and Zanjan.

The availability of cheap subsidized electricity in Iran has spawned several companies indulging in cryptocurrency mining activities for the past few years. However, the government took notice of the industry and imposed commercial electricity pricing on crypto mining. Iran approved cryptocurrency mining as a legal activity two years ago. The government introduced a licensing regime for entities that want to get involved in the industry.