Elliptic analysts estimate that regulated mining not only helps Iran circumvent US economic sanctions, but could also generate annual revenue of about $1 billion.
According to the company's latest report, the governmentactively stimulates the opening of mining farms in the country, and Iran currently accounts for 4.5% of the total bitcoin production. The resulting cryptocurrency is mainly used to circumvent the oil embargo and sanctions against financial institutions.
At the same time, there is an abundance of cheap fossil fuelsreduces the cost of electricity production, whichplays a crucial role for such an energy-intensive industry as mining, helping to attract foreign investment to expand the industry. Elliptic even cites an example where the Iranian military helped a foreign company build a large farm in Rafsanjan.
In the report, analysts also note that Iranencourages national mining and at the legislative level. In particular, since April, the authorities have allowed banks to buy imported goods for cryptocurrency, and in May they banned the use of bitcoins mined abroad.
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