Komal Joshi · Oct 24, 2020 . 5min read
Three Iranian Power Plants to begin Bitcoin Mining
The three Iranian power plants will use their expansion turbines running on natural gas for Bitcoin mining.
By Victor Ugochukwu · Sep 24, 2020 . 6min read
The numerous sanction-slammed Iran will have three of its primary power plants channelling most of its output for Bitcoin Mining. Tehran Times had on Monday announced that Iranian’s Thermal Power Plant Holding Company (TPPH) would be engaged in the business of Bitcoin mining.
Recall that in July, Iran approved about 14 licenses for mining farms after they have met the necessary regulatory requirements. The TPPH will be servicing three power plants already installed in Ramin, Neka, and Shahid Montazeri. The head of the TPPH Mohsen Tarztalab in the announcement said;
“The Necessary equipment has been installed in three power plants of Ramin, Neka, and Shahid Montazeri, and the auction documents will be uploaded on the SetadIran.ir website in the near future,”Mohsen Tarztalab
Tarztalab agrees with the burgeoning cryptocurrency mining industry. He stated that this is an opportunity for electricity companies to keep earning stable incomes. This is primarily due to the fluctuating market rates as compared to the stable rates consumers expect providers to serve them. He said,
“Unfortunately, constant price hikes and the obligation for supplying electricity with stable prices to subscribers have caused a large gap between revenues and expenditures in the country’s electricity industry, and we need new sources of income to fill this gap.”
Moreover, the three Iranian power plants will use their expansion turbines running on natural gas for Bitcoin mining. Additionally, the turbines operate in isolation to the national grid hence no possibility of negative disruption.
Iranian economy badly hit by sanctions, Bitcoin mining could be a reprieve.
The United States and other major western nations slammed Iran with sanctions. The Middle East suffers this fate due to the relentless pursuit of its nuclear ambitions. Besides, the country already suffers from a severely contracting economy. To add to that, the possibility of revolt from its citizens is also another reason for turning to bitcoin. Perhaps this brings another means of earnings which, in a way, douses the stings of the sanctions it suffers.
Notably, an Iranian Minister in 2019 spoke on the huge opportunities in the industrial-scale Bitcoin mining for the nation. He specifically pointed on the possibility of the Iranian economy pulling in an estimated $8.5 billion through bitcoin mining.
Follow Cryptodose for daily updates.