Iran decides power tariffs for crypto miners; cabinet approval pending

Fibo Quantum

The Economic Commission of Iran has finalized power tariffs for cryptocurrency miners, based on similar tariffs used for electricity exports.

The news was announced by Homayoun Ha’eri, the country’s deputy energy minister for power and electricity, Financial Tribune reported Sunday. However, the decision is still awaiting the nation’s cabinet approval.

The minister, however, did not specify the rates approved by the commission. He said that electricity export prices are variable based on several factors, including fuel prices in the Persian Gulf region.

Earlier this month, the Iranian government was indeed considering authorizing cryptocurrency mining, although with two conditions – one, mining should be done “based on the price of electricity for export,” and two, mined cryptocurrencies should be “fed back to the national economic cycle.”