Iranians Still Benefiting From Bitcoin Mining Despite Market Crash and US Sanctions

Iranians are turning to the Bitcoin Sector (BTC) for economic difficulties caused by sanctions imposed by the United States, a December 17 think tank on the Atlantic Council on international issues.

Despite the recent collapse of the market crypto and national currency fluctuations caused by the recent strengthening of American sanctions, the Iranian people could still take advantage of bitcoin mining advantages.

According to the Atlantic, Ali Hosseini, a 26-year-old Iranian, and his cousin Pedram Ghasemi bought the Bitcoin camera two months ago, the Antminer S9, for $ 526.

Although the US dollar apparently reached a peak of 190,000 euros in relation to the rial at that time, and bitcoin has been steadily declining over the last two months, the brothers claimed to "still not suffer from losses" due to the "electricity price.

Iran is the world's largest energy subsidy, accounting for 10.4 percent of the country's annual GDP. Subsidies have risen this year along with oil prices before the crude oil crash in early October. The price of natural gas, the main oil fuel for electricity production, is generally shorter than the oil compared to the international markets.

Also, brothers suggested that "the US dollar be below 110,000 rials and bitcoin to $ 2,000 for them to lose." Instead of thinking of closing down cryptographic business and selling equipment, as some companies said they even thought about buying more mining equipment, they predicted that the crypto would inevitably replace the fiduciary money.

Although crypto-mining is legally accepted as an industry by many Iranian authorities in early September, cryptocurrency trade is still not legal in the country.

An Iranian student in the UK uses a crypt to escape American sanctions, according to a recent report by The Guardian. Due to current monetary constraints, some students report that they can not receive home money from paying tuition fees, so they can be suspended from class or blocked completion of the study.

In an attempt to support the country's economic stability, the Iranian government has considered launching its crypto currency under pressure from the state. At the end of August, the Iranian National Cybernetic Center discovered that the secret project of cryptography was supported by the government, according to Iranian President Hassan Rouhani.


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