In an unexpected move from a country that makes most of it's money from oil exports, Iran, which has a love-hate relationship with Bitcoin mining, once again allows mining farms to function normally - provided that it is supplied from renewable sources.
Since December of last year, Bitcoin mining has been prohibited in the country. Due to its seasons of extreme heat or cold, they needed to increase the amount of available power on energy grid, forcing crypto miners to shut down was among their first moves to do so.
Midway through the previous year, mining farms were granted permits on the condition that they utilize on-site generators to at least lower the energy taken from public power system. But a few weeks later, access to public electricity was again prohibited.
Now, the Iranian government has lifted the ban, with the stipulation that electricity must be provided only from renewable sources.
Typically, miners love the chance to switch to renewables, as electricity generated from renewable sources is less expensive than electricity generated from traditional fuels. As a result, Bitcoin mining farms can reduce their production costs and boost their profitability by utilizing renewable energy.
This is not limited to renewable energy that miners produce themselves through technologies like solar; they can can also buy from power companies as long as they're purchasing energy generated renewably.
We expect an increase in hashpower coming from the country whose government is still on a list of countries with which most western governments don't do business with, because of ties to terrorist groups.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News
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