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Iran’s Economic Commission Works out Price Structure for Crypto Miners

The Economic Commission of Iran is said to have finalized a pricing scheme for crypto miners. 

According to a recent report published in the country’s Financial Tribune, Energy head Homayoon Ha’eri declared that a tariff structure has been finalized and is currently waiting for authorization from the Cabinet of Iran, a group that’s comprised of several ministers handpicked by President Hassan Rouhani. 

Ha’eri on the Topic

Ha’eri didn’t provide a lot of details about the specific price system, but he did reveal that the price will depend on determinants like fuel costs in the Persian Gulf. 

Ali Bakhshi, the chairman of Iran Electrical Industry Syndicate, previously suggested a price of about $0.07 kilowatt per hours for crypto miners. The cost of electricity in Iran is cheap at the moment due to government subsidies. For instance, a kilowatt hour only costs $0.05. Power is also lower in the industrial and agricultural sectors. 

BTC Uses As Much Electrical Power of 24 Buildings

In a bid to put the energy prices in context with the needs of the miners, a spokesperson for the Energy Ministry’s power department explained that producing one Bitcoin (BTC) uses around $1,400 in federal subsidies. One BTC also allegedly uses as much electrical power as 24 buildings in Tehran do annually. 

The news comes on the heels of a Central Bank of Iran (CBI) announcement that stated it will be authorizing crypto mining. 

CBI Governor Abdol Hemmati claimed that a proposed law will mandate that cryptocurrency mining in the country comply with the electricity pricing structure for export, instead of letting miners utilize the subsidized internal electricity grid.

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