Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), compiled by: Xi Yu, released with authorization.

Babbitt Information (ID: bitcoin8btc)

Image credit: Pixabay

, compiled by: Xi Yu, released with authorization.

According to reports, more than 1,000 cryptocurrency mining licenses have been issued since the Iranian government began regulating the cryptocurrency industry. Many large mining farms have been established in the country, but high electricity prices have discouraged many small investors.

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Image credit: Pixabay

1,000+ licenses granted to miners

The Financial Tribune reported on Friday that Amir Hossein Saeedi Naeini, an official of Iran’s ICT Association, revealed the state of the country’s cryptocurrency mining industry. In an interview with Ibena, he stated that cryptocurrency mining is a new industry and Iran has attracted many people. Noting that miners need a license, he said:

“Iran’s Ministry of Industry, Mines and Trade has issued more than 1,000 cryptocurrency mining licenses in the country. … Our research shows that crypto mining has the potential to add $8.5 billion to the economy.”

Main Challenge – Electricity Costs

Amir Hossein Saeedi Naeini believes that cryptocurrency mining has the potential to help boost Iran's economy. However, he explained that electricity costs are a major challenge for Iranian crypto miners. "While many large and industrial mining farms have been established, high electricity prices coupled with strict regulations have made the industry less attractive to small investors," the official told the news outlet.

He believes that the operating conditions of the industry should not be such that only big capitalists can enter the cryptocurrency mining market, and all miners can operate. He emphasized that modifying electricity prices and terms can promote the development of crypto mining and generate more income.

Iran Cryptocurrency Mining Laws