Yesterday on May 4th, giant crypto publication Cointelegraph reported that the Iranian Government issued a license for a 6,000-Rig crypto farm in the province of Semnan. Seemingly, the news was released according to an article published by PressTV on Wednesday, April 29th. The News may seem amazing to Cointelegraph or global investors of the industry at first, but not that much surprising for the Iran crypto community.
What is the news?
Firstly, Eghtesadonline and Tabnak news agencies reported that a Turkish mining company called iMiner (owned by an Iranian national) has been granted a license by the Ministry of Industry and Trade in Iran to operate the biggest mining farm of the country in the province of Semnan. According to them, seven million dollars of investment in this farm by the Turkish company aims to produce 96,000 Tera hashes per second (TH/s) in total with more than 6,000 bitcoin mining rigs. The news first released in English by PressTV and then Cointelegraph made it global.
What is the story beyond that?
Mining cryptocurrencies were officially authorized as an industry in Iran in July 2019. Since then, entities engaged in mining must provide a license from the Ministry of Industry and Trade. According to official data, more than 1,000 legal mining farms are working in the country. Although the number of unregistered farms is estimated to be much more than registered ones. The subsidized electricity rates make Iran an attractive destination for mining companies. Miners from China to Russia now show great enthusiast to relocate their operation to the country.
The Iranian government now looks at the potential of Cryptocurrencies to countervail the damaging impact of the United States sanction against the country. As a result, people are more interested in bitcoin. Cryptocurrencies are well known these days in the country. Despite all, there is no well-proposed tariff for electricity consumption in this new-born industry. Activists of the community are afraid of introducing themselves as miners. The government proposes bounty for those who introduce unregistered farms and space is not much clear for new investments. Uncertainty and lack of clear laws make the space dubious for issuing new farms. As a result, the news was not that appealing to our users and the community who are suffering from laws and space. It may seem that Iran is a new heaven for Crypto- miners but it is not the same as it looks from outside.
What is iMiner?
As described by the website, iMiner is a registered trademark in Turkey working on mining and investment in Bitcoin. Although the head office of the company is located in Antalya, their farms operate in five different countries including the United States and Canada.
iMiners office in Iran is located in Tehran for administrative purposes. They claim that their certified Farm in Karaj produces hosting services by which customers can place their miners in the Farm and enjoy the technical support of the experts and the participation rate. Coiniran cannot guarantee the company and its services and is willing to publish any extra explanation by iMiner, Cointelegraph, or others.
