Business Iran to use electricity from three power plants to...

Iran to use electricity from three power plants to mine Bitcoin


Iran is ready to use the energy from three power plants exclusively to mine bitcoins, according to an announcement by the country’s Thermal Power Plant Holding Company (TPPH). According to local news outlet Tehran Times, power plants in Iran receive benefits and subsidies from the government on their fuel supplies, but were prohibited from using the energy they produced to mine cryptocurrency until July. As CriptoPasion reported, in July Iran officially legalized cryptocurrency mining for entities approved for a license from the country’s Ministry of Industry, Mines and Commerce. However, at the time, the country’s government reiterated that cryptocurrency payments were still prohibited. While Iranian power plants will not be able to take advantage of the subsidies to mine crypto assets, TPPH is reportedly looking to enter the crypto mining space. This means that the company will comply with the specific fees established for crypto mining. Mohsen Tarztalab, managing director of the firm, said:

The necessary equipment has been installed at three power plants Ramin, Neka and Shahid Montazeri, and the auction documents will be uploaded to the website in the near future.

Tarztalab added that selling electricity to bitcoin miners will create a new source of income for the company. The creation of new stable sources of income has been, according to Tarztalab, one of the goals of Iran’s electricity industry in recent years. In his words, “constant price increases and the obligation to supply electricity with stable prices to subscribers have caused a large gap between income and expenses.” Revenues from bitcoin mining could help fill the gap. The three Iranian power plants will only use their expansion turbines for BTC mining. These are not connected to the national grid. Iran’s adoption of bitcoin, it is worth noting, comes as the country faces poor economic prospects for the future and sanctions from various countries. Featured image via Pixabay.


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