Chinese Bitcoin Miners Develop Strong Relationships and Crypto Mining Facilities in Iran

During the last few months, crypto proponents have focused their attention on Iran. The Iranian President Hassan Rouhani initiated a new mining strategy last May, and the government-licensed 14 bitcoin mining farms in July. According to the Chinese mining operation Lubian, it claims to operate one of these regulated bitcoin mining farms in the oil-rich nation.

The Cambridge Bitcoin Electricity Consumption Index or “Bitcoin Mining Map” attempts to visualize the geographic distribution of global Bitcoin hashrate. Iran is the sixth most powerful country in terms of global hashrate.

Of course, China consumes a vast amount of the global hashrate and Chinese miners also have a strong relationship with the oil-rich nation of Iran. Back in April 2019, news.Bitcoin.com reported on Chinese miners migrating to Iran for cheaper electricity rates.

Chinese Bitcoin Miners Develop Strong Relationships and Crypto Mining Facilities in Iran

At that time, it was difficult for the bitcoin miner, Liu Feng, to get his ASIC mining rigs into the country. However, when miners got into Iran, they had access to extremely affordable electric prices ($0.006 per kilowatt-hour).

However, the Iranian government caught wind of these unlicensed operations when certain subsidized organizations like mosques were caught mining bitcoin with near-free electricity.

The government then mandated licensure for mining farms and the electric rate was upped to fluctuating export prices depending on the season. More recently, President Hassan Rouhani initiated a bitcoin mining strategy and the government is focused on bolstering the industry.

Chinese Bitcoin Miners Develop Strong Relationships and Crypto Mining Facilities in Iran
Lubian.com is the eleventh most powerful mining pool among 18 bitcoin mining pools with 3.86 EH/s/

The Chinese mining operation Lubian.com recently told the financial columnist Vincent He that the company operates one of the largest regulated farms in Iran.

Lubian’s cofounder Liu Ping detailed that it has a partnership with a power facility in Iran and the investors are both Iranian and Chinese. Power companies in Iran are now allowed to house bitcoin mining…

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