Post
Topic
Board Bitcoin Discussion
Re: Iran legalizes mining
by
Khaos77
on 23/07/2019, 13:33:45 UTC
Just think what a great decision Iran made. Having legalized mining, the country has created best conditions for large miners, because now it is safe for them. Perhaps the electricity fee will not be the most profitable but the police will never break your home to arrest mining farm

What is your opinion about that?


https://cointelegraph.com/news/iran-finalizes-electricity-pricing-scheme-for-cryptocurrency-miners

Quote
While Ha’eri did not elaborate on the exact price scheme, he stated that the price is dependent on market factors such as fuel prices in the Persian Gulf.

The head of Iran Electrical Industry Syndicate, Ali Bakhshi, previously proposed a price of $0.07 per kilowatt hour for cryptocurrency miners. Electricity in Iran is currently very cheap due to government subsidies; one kilowatt hour of electricity currently costs $0.05, with power being cheaper in the agricultural and industrial sectors.

To put these prices in context, Mostafa Rajabi Mashhadi, the Energy Ministry spokesman for the power department, previously stated that the production of a single Bitcoin (BTC) uses about $1,400 in state subsidies.

Actually more bad news than good.

The reason mining was so profitable their cheap subsidize electricity.
That is over , rate will be at least .07 per kilowatt and most likely higher and a tariff charged on all imported ASICS.
Don't forget , nothing stops them from later outlawing it and then seizing the ASICS for their own use.

This also increases the possibility that the US will Ban Bitcoin like they did the Petro.
All it takes is one executive order from Trump and Bitcoin is FUBAR.