Bitcoin Regains $50K Foothold As Iran Resumes Crypto Mining in September

Iran Resumes Crypto Mining in September
  • Iran will approve crypto mining in September.
  • The lifting of the ban will only be for approved crypto mining firms.
  • Meanwhile, Bitcoin price has reached $50,000 again.

Bitcoin price is back at $50,000, amid recent news that Iran is undergoing preparations to approve crypto mining activities of authorized miners possibly in September. The announcement was made by Tavanir, the country’s foremost energy corporation. 

Previously, the country banned crypto mining even for firms that have received approval from the government. According to the country’s leadership, this was due to power issues given the energy sucked by crypto mining farms for their operations. Now that summer is nearly over, the country is optimistic that it can accommodate crypto mining operations once more.

Crypto mining is deemed legal in Iran. Interested crypto mining firms should seek approval from the country’s Ministry of Industries. So far, at least 30 companies have obtained approval. As for unlicensed crypto mining farms, the country would go so far as to confiscate the rigs and halt the operation. In fact, Tavanir has seized at least 200,000 mining rigs in 12 months.

Meanwhile, Bitcoin price is at $50,168.99 at the time of writing This price was last seen in May, when the crypto market’s bull run was still in full swing.

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