electricity rates

Iran’s local cryptocurrency community welcomes the legitimization of mining as an industry but feels that miners aren’t being treated fairly.

As bitcoin’s price outpaces the cost of mining in China, it can be difficult to procure a bitcoin miner.

Despite a looming crackdown from regulators, cheap energy in Iran has made it ideal for bitcoin mining.

The power authority of Zhenjiang noticed an unusual spike in electricity consumption and abnormal line loss in some factories, and reported them to the local police.

The crypto mining industry’s energy consumption today go toward providing proof of work, immutability and consensus in a decentralized network.

Iran’s deputy energy minister is pushing for cryptocurrency miners to pay power bills at rates equivalent to those charged for electricity exports.

“With green hydroelectricity at a competitive price, innovative universities and this recent decision by the Energy Board that clearly supports the [mining] industry, Québec has all the ingredients to become a blockchain hub,”

The wet season in Sichuan can drop electricity costs, and therefore bitcoin mining costs, dramatically. But according to insiders, there is currently more supply than demand in the mining market.

Many Chinese cryptominers have migrated to places with cheap electricity and favorable policies as a result of the escalated government crackdown on cryptocurrency and its production process. Since late 2018, the oil-rich Middle East country of Iran has become a hotspot for Chinese miners.

The new center, part of Commons Foundation’s “Golden Goose” project, will help to facilitate the innovation of blockchain technology and cryptocurrencies. Bitfury will provide product and technical support for the project.