IRAN APPROVES BITCOIN MINING DESPITE PRICE VOLATILITY

Iran approves bitcoin mining, crypto mining

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Iran approves bitcoin mining, Crypto mining is one of the most popular topics lately since the recent rebound in the price of bitcoin. Cryptocurrency mining is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledge

DESPITE THE BITCOIN AND ALT-COIN PRICE VOLATILITY, MANY COUNTRIES ARE ENCOURAGING CRYPTO MINING

 

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Furthermore, the government gave approval for crypto mining and made it an official industrial activity. Cabinet ministers sat in a session on Sunday and came up with the endorsement of mining activity.

However, participants will require a license from the Ministry of Industry to mine and trade to participate in mining.

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IRAN APPROVES BITCOIN MINIING
BITCOIN MINING

Iran approves bitcoin mining, Crypto mining is becoming popular despite several criticisms and setbacks that cryptocurrency has faced lately. More countries and joining the mining industry in other to get a piece of the cake.

 

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CRYPTO MINING AND PROFITABILITY

Crypto mining  requires expensive and sophisticated equipment as well as high energy consumption which in turn may become unprofitable for miners in the long run if the price of bitcoin and other alt-coins remain volatile.

Iran’s approval of bitcoin mining might be good or bad news depending on how you see it.  Only countries with a low energy consumption rate and cheap energy can mine bitcoin profitably.

It is however not clearly known whether Iran has enough power and cheap power to serve the bitcoin hungry miners who are eager to get on to business.

As Bitcoin surged to prices not seen since 2017, a rising hash rate mirrored renewed interest in the cryptocurrency. The volatility of bitcoin and other cryptos should, however, be considered.

By July 1, the Bitcoin mining hash rate surpassed 69 quintillion hashes per second. https://cointelegraph.com/news/regulatory-overview-of-crypto-mining-in-different-countries.

bitcoin mining
IRAN APPROVES BITCOIN MINING

In addition, the future of bitcoin, and alt-coins is yet unknown, many speculators, however, believe that the price will surge in the nearest future. Bitcoin continuously registers new converts daily despite the price instability.

Find out more information about bitcoin here https://www.coindesk.com/bull-case-for-bitcoin-weakest-since-february-price-indicator-says

Finally, cryptocurrencies will not be allowed in domestic transactions as of yet, they will also be taxable under the country’s rules. Measures will also be taken to approve electricity rates for miners.

Who is Responsible For Making the World Less Tolerant?

more news about crypto mining here https://www.ccn.com/news/iran-cryptocurrency-mining-hit-with-government-tariffs/2019/07/22/