New Regulations For Cryptomining in Iran

The Energy Ministry of Iran has mandated that owners of cryptomining equipment must register their personal information and device location in the Comprehensive Trade System of the Ministry of Industries, Mining and Trade.

This move is intended to prevent legally imported hardware from being used in unlicensed cryptomining facilities, according to Mohammad Khodadadi, an official with the Iran Power Generation, Transmission and Distribution Company (Tavanir).

Khodadadi stated that mining centers will be subject to random inspections to ensure transparency and validity of registered data for authorized miners. Failure to register device locations or changing them without reporting to the system will be considered a violation of rules and may lead to fines for offenders.

Cryptocurrency mining has become increasingly popular in Iran over the past few years. Despite the government’s initial skepticism about digital currencies, Iran has taken steps to regulate the industry and even embrace it as a potential source of revenue.

However, the Iranian government has taken steps to regulate the industry and prevent the use of unlicensed mining facilities. In May 2021, the Ministry of Energy announced that all cryptocurrency mining operations must be licensed and registered with the government. The Energy Ministry also required owners of cryptomining hardware to register data related to themselves as well as the location of their devices in the Comprehensive Trade System of the Ministry of Industries, Mining and Trade. Failure to do so could result in fines.

One of the major concerns with cryptocurrency mining in Iran is the amount of energy it consumes. The Iranian government heavily subsidizes energy, which has made the country an attractive destination for miners. However, the energy consumption of cryptocurrency mining has put a strain on the power grid, leading to blackouts in some areas.