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IRAN FINALIZES ELECTRICITY PRICING SCHEME FOR CRYPTOCURRENCY MINERS

The Iranian Deputy Minister of Energy proposed setting prices for electricity used for cryptocurrency mining in accordance with export tariffs. It is reported by the publication Financial Tribune.

“In the case of mining, consumers pay only a small part of the real cost, forgetting about the need for a responsible attitude to the use of electricity,” said Deputy Energy Minister Homayun Khaeri. The Iranian government annually pays subsidies in the amount of about $ 1 billion in order to bridge the gap in electricity prices for different groups of consumers.

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Earlier, Iranian authorities announced a jump in electricity consumption in the country due to mining. The government believes that miners should pay for electricity at export, rather than subsidized, tariffs. The authorities have already decided on the requirements for this business, now the turn of tariffs may come.

After the legislative registration of mining as one of the types of business activities, mining of cryptocurrencies in Iran began to rapidly gain popularity. This was also facilitated by fluctuations in the exchange rate of the national currency caused by tougher sanctions by the United States against Iran.

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In addition, the state is considering launching its own cryptocurrency. Mining began to gain popularity in Iran against the background of low state-subsidized electricity prices – local enterprises pay $ 0.05 per kWh. The export price is $ 0.07-0.1 per kWh. The head of the Syndicate of Electrical Engineering of Iran, Ali Bakhshi, proposed to set the price at $ 0.07 per kW. for miners. At the moment, electricity in Iran is very cheap due to government subsidies: 1 kW / h. Electricity currently costs $ 0.05. It is noted that in the agricultural and industrial sectors it is even cheaper.

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