Iran Licenses Bitcoin Mining Company With 6000 Mining Devices
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Answer Iran Licenses Bitcoin Mining Company With 6000 Mining Devices
iMiner, a cryptocurrency mining company legally registered in Turkey, has obtained a license from the Iranian Ministry of Industry, Mining and Trade, to carry out its bitcoin mining activities legally in Iran.
According to a report Spread Yesterday, iMiner set up its crypto-mining facility in Semnan Province of Iran with 6000 ready-made ASIC miners.
The company has invested about $7.3 million in its facility to become one of the largest mining farms in the world.
With 6000 machines fully operational, the mining farm will produce a total hash power of 96000 TAHs.
iMiner also offers cloud mining services, allowing customers to rent out their hash power to mine Bitcoin.
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Mining Industry Regulation:
Iran has become one of the hotbeds of cryptocurrency mining due to low electricity costs.
But Iran’s mining industry has been given several warnings by the government because it uses electricity at public cost.
To regulate industry in the country, the Iranian government last year ordered the licensing of mining farms operating in the country.
Last year, the Iranian government issued licenses to more than 1,000 Bitcoin mining farms.
iMiner obtained the license just as the Bitcoin mining reward halving event approaches.
Many experts believe that this will make it more difficult for small miners to survive in the bitcoin mining industry and compete with big players like iMiner.
However, Iran has made clear that its licensing of the sector will allow both large and small mining companies to operate in the crypto-mining industry.
Meanwhile, other giant mining farms reported impressive revenue numbers for the past year.
Argo Blockchain reported mining around 1,330 bitcoins in 2019, generating $10.78 million in revenue, while Hut 8, a Canadian bitcoin miner, reported total revenue of $58 million last year.
This means that the Bitcoin mining activity is profitable, especially in the event of an increase in the price of the currency.
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