Turkey-registered crypto mining company iMiner has received a license from Iran’s Ministry of Industry, Mine, and Trade to legally continue operations in the country.
According to a report last week, iMiner has established its cryptocurrency mining operations in the Semnan Province of Iran with 6,000 ASIC miners. The company has invested around $7.3 million in its facility, becoming one of the largest known mining farms in the world.
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With all its miners, the mining farm will produce a total hash power of 96,000 terahash per second. This means iMiner has probably installed all Aladin miners in its farm, each unit of which is capable of generating 16 terahashes per second, as seen on its website.
iMiner also offers cloud mining services, enabling customers to rent its hash power to mine Bitcoins.
Regulating the mining industry
Iran became one of the hotbeds of crypto mining due to low electricity costs. However, it also raised alarms among the government as it subsidizes electricity usage cost to the public.
To regulate the industry in the country, the Iranian government last year mandated licensing of mining farms operating in the country.
According to a report, the Iranian ministry issued licenses to over 1,000 Bitcoin mining farms last year.
iMiner received the license when the Bitcoin network is waiting to halve the mining rewards, giving merely 6.25 Bitcoins to for the addition of each block.
Many experts believe that this will make it hard for the small-time miners to survive in the Bitcoin mining industry and compete with the big players like iMiner.
Iran, however, made it clear that its licensing of the sector will allow both large and small miners to operate in the cryptocurrency mining industry.
Meanwhile, other giant mining farms are reporting impressive revenue figures for last year. Argo Blockchain mined around 1,330 Bitcoins over 2019, generating $10.78 million in revenue, while Hut 8, a Canadian Bitcoin mining company, reported total revenue of $58 million for last year.