Digging licenses in Iran are highly desirable in the cryptocurrency market. iMiner got one of them and plans to start a really big mining operation.
What is iMiner?
iMiner is a company registered in Turkey that has been investing and digging Bitcoin for several years. It owns machines with enormous computing power and encourages to invest in cryptocurrency through them.
The Turkish company boasts a lot of experience in extracting Bitcoin. It also provides excavator rental services in Turkey, Russia, the United States, Canada and Iran.
In Iran, cryptocurrency mining is legal
After initially being critical of Bitcoin, Iran allowed legal mining in July 2019. The authorities considered that this would help develop the national economy. Iran is an attractive place for bitcoin mining, because energy prices are low thanks to huge subsidies to the energy industry. To start digging in Iran, the required licenses must be obtained from the Ministry of Industry, Mining and Trade. At the moment there are 148,000 excavators for BTC in Iran.
Bitcoin mining, how much does it actually take?
Bitcoin’s time of mining depends on the power of the mining machines used for it. Typically each new bitcoin block is produced every 10 minutes. However, there are exceptions, as in the case of Étienne Larrivée, who recently managed to mine 16 blocks in just 63 minutes.
15:02 was a lucky minute! pic.twitter.com/xpw8GAS0pT
— Kexkey (@Kexkey) May 1, 2020
This event may be related to the approaching Bitcoin halving, which significantly increases the difficulty and time of digging. As more and more digging is required, the farms are concentrating more and more excavators and consuming more energy. This makes mining more expensive. That’s why entrepreneurs are trying to find places where energy and licensing costs are not too high.
A big breakthrough in Iran
Digging costs in Iran are relatively low compared to other countries. As a result, many interested investors from around the world want to start mining in Iran. Initially, severely punished digging or cryptocurrency trading has become an opportunity for Iran to earn extra income. Since the authorities allowed for mining in the country, about a thousand licences have already been issued.
iMiner has received a license from Iran to mine
On April 28th, iMiner received permission to start mining Bitcoin in Iran. The company decided to spend more than 7 million dollars on the creation of probably the largest farm producing BTC in the country. 6000 bitcoin mining machines will be deployed in the city of Semnan. Such investments will make iMiner operate at a total capacity of 96,000 terahash per second (TH/s).