The Iranian Ministry of Industry and Trade (MIMT) has announced the resumption of cryptocurrency mining in the country – subject to several strict conditions. Licenses will only be issued to mining companies that use renewable energy sources. Licenses for companies using other energy sources will not be renewed.
The ministry believes that the only way to prevent illegal mining of cryptocurrencies in the country is to provide energy and make the companies legal. The state agency did not specify what those sources might be.
Last December, Iranian authorities decided to shut down all authorized cryptocurrency mining centers due to increased pressure on the power grid. It was reported that illegal cryptocurrency mining farms were collectively consuming more than 600 MW of electricity. However, Tehran is not categorically against mining, and the MIMT has so far issued more than 1,000 mining licenses.
At the beginning of the year, Iranian authorities announced that they were going to create a platform where local companies could pay for exports and imports using digital currencies.