Iran has been able to develop new regulations for its digital assets industry. However, as revealed by the Financial Tribune, the government has taken further steps to grant more than 1,000 licenses for crypto mining.

Numerous large cryptocurrency mining facilities have started operations in the country. The challenge facing smaller players in starting their mining operations in the country is high electricity costs.

According to Amir Hossein Saeedi of the ICT Guild Organization of Iran, numerous individuals in the country desire to set up their mining operations. While speaking with IBENA News Agency, he added that cryptocurrency miners need to obtain a license from the Ministry of Industry, Mine and Trade of Iran.

He highlighted the findings of a study: cryptocurrency mining can contribute 8.5 billion USD to the economy, but high electricity tariffs and strict regulations have turned small investors away.

He mentioned the establishment of big industrial farming miners by big investors trooping into the domain.

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