Amid blackouts and police raids, Iran weighs benefits of Bitcoin mining
Cointelegraph
Published Jan 23, 2021 11:01AM ET
Updated Jan 23, 2021 12:40PM ET
As blackouts and police raids roil the upstart Iranian Bitcoin mining industry, a match between a permissionless currency and a country throttled by inflation that once seemed like a perfect fit is now being called into question.
As Cointelegraph has previously reported, Iran joins Pakistan as a cryptocurrency superpower in the Middle East, owing in part due to cheap, heavily subsidized electricity prices, as well as a boost in activity following an approval of Bitcoin mining as an “industrial activity” for power plants in 2020. It’s been estimated that there are well over 1000 legal entities currently engaged in mining activities.
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Written By: Cointelegraph
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