Iran legalizes mining

[akela11]

Just think what a great decision Iran made. Having legalized mining, the country has created best conditions for large miners, because now it is safe for them. Perhaps the electricity fee will not be the most profitable but the police will never break your home to arrest mining farm

What is your opinion about that?

[squatter]

Just think what a great decision Iran made. Having legalized mining, the country has created best conditions for large miners, because now it is safe for them. Perhaps the electricity fee will not be the most profitable but the police will never break your home to arrest mining farm

What is your opinion about that?

You should include a link next time: Iran Legalizes Crypto Mining

I imagine the US government will take this as cause to further clamp down on exchanges and other Bitcoin services. They'll push for stricter regulations and enforcement under the guise of concerns over sanctions. This is what a US official said a few days ago:

"As Iran becomes increasingly isolated and desperate for access to U.S. dollars, it is vital that virtual currency exchanges, peer-to-peer exchangers and other providers of digital currency services harden their networks against these illicit schemes," said Sigal Mandelker, Treasury's undersecretary for terrorism and financial intelligence.

[Red-Apple]

i don't think "legalize" is the correct word to use here because it is somewhat misleading. they just regulated bitcoin mining because it was not illegal before to legalize now and if i am not mistaken, legalize is a term used for when the government turns something from illegal to legal.

I imagine the US government will take this as cause to further clamp down on exchanges and other Bitcoin services. They'll push for stricter regulations and enforcement under the guise of concerns over sanctions.

if they do it they will only use it as an excuse but the real reasons would be different. these sanctions didn't start yesterday, they have been there for years and no Iranian could ever use any of the bitcoin exchanges since none of them ever accepted them anyways!

[romero121]

Iran being a country with not much of economic uplifting legalizing the mining farms make way for the people have financial freedom. When we hear about the country Iran all that we remember is the violence, war, bombs and so on. Soon this will change as they've begun their first level of growing bigger and better through bitcoin. Can expect more countries to follow the plan of Iran.

[stadus]

That's a good news, but we like to verify it through the source of the news, can you add that in the OP?
Personally, I don't know the status of crypto in Iran but this is legalization of mining and it's not good for the country but good for the entire crypto.

[krb91]

This is an impressive move from the Middle Eastern nation. With the ever straining relationship with the United States, Iran has sought to outdo US by legalizing mining. This is a giant stride in my opinion cryptocurrency. More nations with strained relationships with the United States are very likely to follow suit and implement further policies that will be beneficial to the cryptocurrency markets.

[Lizzylove1]

This is fantastic. Last time, I read the Iranian government was accusing bitcoin miners of causing a spike on electricity demand in Iran. I think they just realize it wasn't the fault of miners. I wonder how the US government will react to this great move.

[hugeblack]

Let us make a small comparison on the amount of money that Iran receives from the export of oil & start mining farms, where the production of oil is about 30,000 barrels per day, which is smuggled and the price of a barrel is about 60 dollars, and the amount of effort that can happen to buy mining devices/electricity to earn some Bitcoins."
A fundamental point is that these currencies are transparent to a large extent so the multi-billion dollar conversions will be clear and thus easy to block those bitcoins (anyone can track 100 Bitcoin movement.)
Cryptocurrencies may enable a person to obtain products if he is in a state banned by the United States but will not enable states to maneuver.

[YuginKadoya]

I think Iran now recognized Bitcoin and other cryptocurrencies right now that the price of Bitcoin is doing great, And in legalizing the crypto mining it will sure put a green light for people that are into Cryptocurrency over their country, but it is still unclear if the transaction domestically will change or maybe it is in a state of study for the government if what they can do about this, Because of certain illegal activity that some criminals that are using cryptocurrency to get away from their illegal transaction, I guess that is what the government of Iran is just avoiding.

[Amirofski]

i'm Iranian
ask me about Iran cryptocurrency amir.devel@gmail.com

[elda34b]

I think Iran now recognized Bitcoin and other cryptocurrencies right now that the price of Bitcoin is doing great

I'm pretty sure the government won't base their decision just because the price of an asset is 'great', while in fact, we're still far from ATH.

Anyway, it seems like you need to read further up. What Iran does might result in bad conditions to mine if they decide to not subsidize mining farms and so on.

Mining in north pole or somewhere with low daily temperature is probably better when that happens.

[Harlot]

They just made their country the top one priority for miners to change their locations with. They have been the preferred choice for foreign miners as they have cheap electricity which cibsideravly reduces the costs of their operations. Now that they have officially legalized crypto mining then we can expect that even their own citizens will start and go mine crypto not only foreigners taking advantage of their resources.

[rdluffy]

In my opinion this decision will not affect anything

Who will risk to move to Iran to build a mining facility?
Who will guarantee safety, low electricity costs and stability in general?

I would only build a mining facility in a stable country, it's not woth the risk to mining in some countries

[BrewMaster]

Actually more bad news than good.

The reason mining was so profitable their cheap subsidize electricity.
That is over , rate will be at least .07 per kilowatt and most likely higher and a tariff charged on all imported ASICS.
Don't forget , nothing stops them from later outlawing it and then seizing the ASICS for their own use.

the plan was never to prevent miners from mining. the plan was to take their cut from it from day one, just like any other country and their tax man
this means the cost of electricity for these miners will not be that much higher, there profit will surely reduce compared to when they were stealing electricity but it still will remain high enough for them to continue.

[seoincorporation]

And what is the price of electricity in Iran? It is not profitable? And in General, any legalization is a small victory for the crypto community.

You just lied mate, any legalization would or will go a longer way to help the cryptocurrency community. For Iran taken such bold step will make more sense if the other countries will able and accept the fact that, digital currency is the most transparent record keeping technology. Iran just accepted bitcoin miners and not legalize bitcoin mining.

Legalization comes with some laws about cheap electric power for miners, if you want to learn more about this i will leave here the full article 'Iran Finalizes Electricity Pricing Scheme for Cryptocurrency Miners'

https://cointelegraph.com/news/iran-finalizes-electricity-pricing-scheme-for-cryptocurrency-miners

The article is only 2 days old, so is fresh material for the topic.

[longtkhd]

Good news,however I think it will affect the economy, it's only good for the electronic market, think about it if it happens in many places, it will boost the price of the coins and it is good for all of us here.

[milewilda]

Next to China is Iran when it comes to electricity cost https://bitcoinist.com/wp-content/uploads/2018/03/Bitcoin-Mining-Electric-Costs-By-Country.jpg
This opens up for miners to migrate specially from residing countries consider that mining would be profitable since there would be no headaches on making operation.
At least Iran government somehow consider such decision.

[Naida_BR]

Just think what a great decision Iran made. Having legalized mining, the country has created best conditions for large miners, because now it is safe for them. Perhaps the electricity fee will not be the most profitable but the police will never break your home to arrest mining farm

What is your opinion about that?

I believe that this decision has to do with the rivalry that Iran has with the US.
When they heard that Trump is opposed to cryptocurrencies they started to make positive statements about crypto and blockchain firms in general. I think that we are about to see more exciting things with regards to the cryptocurrency industry.

[dothebeats]

The term 'legalize' has been used loosely for so many times that it starts to get mixed up with the term 'regulated.' Iran simply regulated the mining scene in their country and that's it, although it's still one step forward towards crypto acceptance nonetheless. Anyway, I hope that Iranians capitalize on this decision made by the government and do some actual advancements for their own community. They may have received multiple economic sanctions from the US government and are still being pressed by Trump up to this day, but through bitcoin and cryptocurrencies they finally have some avenue to at least stay connected to the rest of the world and doing some progress on their own.

[Artemis3]

Just think what a great decision Iran made. Having legalized mining, the country has created best conditions for large miners, because now it is safe for them. Perhaps the electricity fee will not be the most profitable but the police will never break your home to arrest mining farm

What is your opinion about that?

https://cointelegraph.com/news/iran-finalizes-electricity-pricing-scheme-for-cryptocurrency-miners

While Ha’eri did not elaborate on the exact price scheme, he stated that the price is dependent on market factors such as fuel prices in the Persian Gulf.

The head of Iran Electrical Industry Syndicate, Ali Bakhshi, previously proposed a price of $0.07 per kilowatt hour for cryptocurrency miners. Electricity in Iran is currently very cheap due to government subsidies; one kilowatt hour of electricity currently costs $0.05, with power being cheaper in the agricultural and industrial sectors.

To put these prices in context, Mostafa Rajabi Mashhadi, the Energy Ministry spokesman for the power department, previously stated that the production of a single Bitcoin (BTC) uses about $1,400 in state subsidies.

Actually more bad news than good.

The reason mining was so profitable their cheap subsidize electricity.
That is over , rate will be at least .07 per kilowatt and most likely higher and a tariff charged on all imported ASICS.
Don't forget , nothing stops them from later outlawing it and then seizing the ASICS for their own use.

This also increases the possibility that the US will Ban Bitcoin like they did the Petro.
All it takes is one executive order from Trump and Bitcoin is FUBAR.

Petro is centralized an thus easy to block and shutdown. All you have to do is block access to the single server, or make something happen to the single data center where its few (private) nodes reside. Absolute garbage.

On the opposite you cannot block Bitcoin, there is no single point of failure. If a country like Iran wants to evade US sanctions, all they have to do is use any decent crypto, such as Bitcoin and not bother with centralized garbage.

Besides Venezuela is having enough trouble managing to keep the lights on, yesterday we had yet another nationwide blackout of over 12 hours, and again the "evil Americans" with their "electromagnetic pulse weapon" are to blame (again).