Iran Looking To Increase National Employment Through Bitcoin Mining

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Iran Bitcoin Mining will enrich the country

Iran Looking To Increase National Employment Through Bitcoin Mining

Iran is stepping up its Bitcoin mining investment, to make better use of the surplus energy and lead to more employment around the country.

A leaked report by The Iranian Presidential Center for Strategic Studies Think Tank suggests that creating more Bitcoin mining facilities around the country could lead to 9 jobs per megawatt.

‘If large mining farms are established, the need to employ manpower for monitoring and repair, security, electrical engineers and technical staff related to hardware and software equipment will increase, which leads to more job opportunities in other sectors,’ says the report.

bitcoin mining profitable

Energy Network Needs Updating

Dedicating more energy to mining is up for debate, especially when Iran’s cities regularly have blackouts. Although the country’s energy network is substandard, however, the think tank thinks the investment would make better use of its surplus energy and ‘improve efficiency in the electricity industry,’ which would hopefully bring it up to global standards.

The report also suggests that building mining data centres will allow the government to make use of the energy that Iran cannot trade due to the heavily imposed US sanctions, suggesting it will turn surplus energy into value, and ultimately generate a high income for the government.

‘Iran’s economy is not easily able to sell its oil and gas in the face of sanctions. But by building cryptocurrency mining farms, it reduces electricity losses and converts gas into cryptocurrencies, which generates high income for the economy in a time of sanctions,’ says the report.

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Iran Paving The Way to Become A Bitcoin Mining Hotbed

The Think Tank is closely connected with President Rouhani’s office, so it shows the government is seriously looking into this, which won’t surprise anyone keeping up with what’s going on in Iran.

Bitcoin Maximalist reported in November last year, the Iranian government was easing regulations to allow it to trade internationally using Bitcoin and other cryptocurrencies.

In that same week, Iran amended its cryptocurrency legislation to allow the Iranian central bank to use cryptocurrencies to pay for imports.

State run Islamic Republic News Agency (IRNA) reported that the cabinet had introduced the new amendment that legalizes the use of Bitcoin for import funding by the Central Bank of Iran (CBI).

And earlier in the year, the Iranian government was the first to officially back a Bitcoin Mining centre when it licenced a huge 96,000 TH/s mining data centre in the country.

Bitcoin mining in Iran will create more employment

This came on the back of a regulatory clampdown form the Iranian government, which introduced stringent licence for its people to mine. Anyone who didn’t apply for the licence had their mining rigs confiscated by the government. Interesting timing.

Iran Being Pro Bitcoin And Mining No Surprise

Being ostracised by US sanctions makes trade difficult for the Iranian regime, and makes life unbearable for its people.

And no doubt news that Iran is using Bitcoin and the mining industry to help the oil rich state circumvent sanctions will fuel the fudster fire.

Some people might think sanctions are the best way to keep rogue states in line, but the fact is they only hurt the people. The innocent ones.

Iran has an abundance of energy, and it’s slowly turning that into value which will also connect it with world trade.

It also introduces the idea of Iran becoming the first government to announce it’s holding Bitcoin as part of its treasury. Watch this space.

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