CRYPTO MINERS' ELECTRICITY SHOULDN'T BE SUBSIDIZED: IRANIAN ENERGY MINISTER

Jun 11,2019 at 06:23 am


Iran cryptocurrency miners could face higher electricity bills as Iran’s Energy Minister revotes.


On Sunday The Financial Tribune quoted minister Homayoun Haeri as saying that energy used by cryptocurrency miners in Iran should be charged in real prices and not be subsidized by the government.


Iran’s government spends about $1 billion in electricity subsidies in the country with Iranian households paying just a fraction of the real cost of the electricity usage.


Authorities in Iran prohibit the mining and trading of cryptocurrencies. However, such activities continue to proliferate given the relatively low electricity costs in the country.


Sanctions imposed by the US on Iran has even encouraged more people in Iran to mine and trade cryptocurrencies as an alternative to fiat currency.

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