The Iranian government’s economic committee has now made crypto mining in Iran legal. It will now recognize crypto mining as an industry within its borders. The Government will soon regulate the activity within its existing legal structure.

The economic committee has already approved a plan to apply the exported electricity rate for mining farms. The cabinet will soon discuss the matter. They will later vote on a measure to approve an electricity rate for mining farms. Iran has been recently fighting with overconsumption of electricity by cryptocurrency mining farms across the country. There was a 7% increase in electricity consumption due to bitcoin mining processes. This is why the deputy minister energy for electricity and energy Homayun Haeri do not want the government to subsidize crypto mining efforts.

The approval of crypto mining in Iran does not mean that the mining cryptocurrencies have gotten a full green light just yet. Iranian security officials have expressed concerns about the use of cryptocurrency within the country. However, regulating and taxing cryptocurrency mining and the use of virtual currencies are ways for Iran to push back against U.S.-led sanctions.