Altcoin News: Iran Has Developed an Electricity Pricing Scheme for Cryptocurrency Miners

July 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Iranian Economic Commission has completed the development of electricity tariffs for miners cryptocurrency based on the rates applied to export electricity, writes the Financial Tribune with reference to Deputy Energy Minister Homayoon Ha’eri.

Ha’eri did not clarify exactly what the tariff rate was agreed upon. He noted that export prices should be applied to the energy consumption of miners for several reasons, including the average cost of electricity in the Gulf region.

Earlier, Ali Bakhshi, head of the Iranian Power Industry Syndicate, proposed setting electricity prices for miners at $0.07 per kilowatt-hour. The standard rate in Iran due to government subsidies is $0.05. The Department of Energy claims that the release of one Bitcoin takes approximately $1,400 allocated as subsidies.

Currently, the proposed tariffs are pending approval by the Iranian government.

Also on Sunday, the Mehr Tehran news agency, citing the Iranian Customs Administration’s deputy president, Jamal Arunaga, reported that the country has not yet issued a single permit for the import of mining equipment for cryptocurrency.

Arunaga explained that his ministry imposed import duties on miners, which, however, does not cancel the current ban on such equipment. He also noted that if the government approves the import of miners, the Customs Administration will be ready to develop relevant directives.

Author: Marko Vidrih