Iran’s government has officially recognized cryptocurrency mining as an industry. It’s now legal to mine cryptocurrencies in Iran but trading cryptocurrencies would require a license. This was reported by Aljazeera.
Cryptocurrency mining, or cryptomining is a process where computers solve complex math problems on the cryptocurrency network, they produce new coins as well as a process used to secure the network the coin operates on. The people who mine a coin, are known as miners. Therefore, instead of having a central authority that controls and secures the money supply, this control and security is spread out across the network that miners help to maintain and they will be rewarded for their rule in the network.
The Iranian Ministry of Energy will announce the electricity peak hours where cryptocurrency miners will not allowed to min during these hours.
The cabinet decisions come just over one month after various factions of the government, especially the Ministry of Energy, intensely cracked down on cryptocurrency miners who were accused of taking advantage of the country’s cheap, subsidised power.
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