Iran is increasing its bit-coal mining due to its cheap electricity, which sometimes amounts to reaching $ 0.0006 per kilowatt-hour. Due to unreasonably high mining costs and a decline in BTC prices, miners shut down mining equipment (especially in China). This means that most of the miners will not be able to operate with losses or recover their equipment investment.
In one report, Scandinavian countries are considered one of the best destinations due to the cheap electricity and password-friendly environment. Norway has recently abolished electricity tax grants for miners to raise electricity costs from $ 0.00056 to $ 0.019 per kilowatt hour
As a result, at $ 0.0006, Iran can provide the cheapest power miners need. But setting up stores in the UK is the most important hurdle for potential miners to navigate.
According to a local mining company, investors from Spain, France, Ukraine and Armenia visited Iran’s mine farms to develop affordable energy.
A block-chain researcher based in Tehran, Nima Dehqan, also announced that a local startup company, Areatak Global, recently agreed to establish a Spanish investor and mining plant.
Dehqan said that while Iran’s electricity costs are very low, the ability to devalue Rial due to US sanctions on North Korea means that the available opportunities are much more attractive.