Miners in Iran can face higher bills if the minister decides so.
On Sunday (09.06.2019) Iran’s Minister of Energy Homayoun Haeri said to The Financial Tribune that miners of cryptocurrencies in their country should pay bills in real rates, which aren’t going to be subsidized by the government of Iran.
The country spends over $1 billion in electricity subsidies with households, which are paying only a fraction of a real electricity usage price.
Authorities of the country have forbidden mining and cryptocurrency trading, but there are still lots of people who continue working with currencies with cheap electricity price.
Recent US sanctions on Iran, made more people be involved in mining and trading as it’s alternative money to fiat currencies.
In a report by CoinDesk, a blockchain researcher from Tehran Nima Dehqan said that foreign investors from various countries, like Spain, Armenia, France and Ukraine, are visiting their startup project Areatak and wanted to establish their mining farm in Iran. Areatak came to an agreement with Spanish investors and soon they will start the process of founding.
Dehqan said that investors are coming to their country mostly because of low electricity costs.