Mining

08/07/19 12:00 UTC±0

Chinese miners use cheap Iranian electricity

Chinese miners in Iran
Chinese miners in Iran

The Minister of Communications and Information Technologies of Iran believes that the over-cheap electricity makes the Chinese enter the country to mine cryptocurrency, – as reported by the local PressTV news publication.

 

MiningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
in Iran

Iranian Government Minister Mohammad Javad Azari Jahromi believes that due to the reduced cost of electricity, Chinese Bitcoin miners will be located in their area.

Each watt of electricity for ordinary household use in Iran costs about $ 0.05, which is almost five percent of the price that the country charges for exporting electricity to neighboring countries.

Jahromi also said that he believes that the influx of crypto-mining to Iran comes exclusively from the Chinese people, and not from the major actions of the Chinese state: "The Chinese government does not plan to be present in the field of cryptocurrency in Iran. However, China’s private sector and people have been actively involved in this area."

Official estimates show that Bitcoin mining consumes about 700 megawatts of electricity from Iran’s electricity grid every day.

Jahromi said the government needs to allow cryptocurrency mining at competitive prices, insisting that the move could create wealth for the country.

Iran's cheap electricity attracts Chinese miners. Recall that on July 2, a mining company from Britain, Argo BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
, published a report for the second fiscal quarter of 2019. According to the report, the profitability from the acquisition of cryptocurrency increased by 24% in just one month. Learn more about what mining is, mining complexity, rewards for miners and much more on our website.

Editor: Alyona Nabok

See also: "Argo Blockchain: mining profitability increased by 24%"

#Iran #China #cryptocurrency #mining #miners #electricity

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