Despite the crisis in the world of cryptocurrency and serious fluctuations of the national currency which was caused by the recent strengthening of U.S. sanctions, the Iranian people can still go to substantial profits from bitcoin mining.
The main reason that allows to maintain a decent level of income, is the low cost of electricity in the country. The majority of miners purchasing equipment on the secondary market (for faster return).
According to the statements of miners, in order to see a significant drop in income, it is necessary that the main price of bitcoin has dropped to the level of $2 000. It is noteworthy that local residents are cryptocurrencies with optimism, believing that they will soon be able to replace Fiat.
It is known that Iran ranks first in the world in terms of energy subsidies. The amount is 10.4% of the annual GDP of the country. In the current year, subsidies were also increased (on the background of the collapse of the crude oil market in early October).
In Iran mining is recognized as legal business. Cryptocurrencies while still found no place in the legal field of the country. In addition, the Central Bank of Iran has banned local financial institutions to use the cryptocurrency in the beginning of 2018.
Working with cryptocurrency, in addition to the possibility of earning, also allows residents to make and receive transfers, bypassing US sanctions pressure.
The company hails from the United Arab Emirates UAE Exchange took
the decision to use the possibilities of the blockchain and cryptocurrency to the financial corridor with the countries of Asia.