Citizens of Iran Turn To Bitcoin (BTC) Mining Due To the Economic Crisis in the Nation

Iran is undergoing some sort of economic crisis at the moment. The economic crisis in the nation is attributed to the sanctions which were imposed by the U.S government not long ago. As a result of this, the Iranian government has been pretty busy making sure that the economy stays afloat.

Iranians Turn to Bitcoin (BTC) Mining

Due to the gradual meltdown of the economy, the citizens of Iran seems to be taking the case upon themselves.Iran recently joined the list of countries in the world that uses digital currencies for transactions. Having been a part of that group, the citizens are now turning to Bitcoin (BTC) mining in order to make ends meet. This was revealed in a report by Atlantic Council. The sanctions imposed by the United States government affected the economy of Iran in several ways. Iran-based commercial banks also felt the heat as they got kicked out of the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. This is one of the biggest negative effects of the sanction on the nation. One of the major implications of this is the exclusion of the Central Bank of Iran from the whole world. As a result, it will no longer be possible for retail banks to carry out transactions or any form of business with financial institutions in other nations. Since the U.S government imposed the sanctions, a lot of Iranians outside the country have been stranded. A lot of them have turned to digital currency mining as a means to earn a living and still be able to carryout transactions. Even the sustainability of this new approach is still being questioned. This is due to the current state of the digital currency market.The bears have negatively affected the values of digital currencies across the globe. With the decline in the value of digital currencies, crypto mining is no longer profitable as it used to be.

Iranians Find a Way to Make Crypto Market Profitable

Despite the unprofitable state of crypto mining, Iranians have sought a way to make the mining of digital currencies somehow profitable. They have found a way to make some income out of it. The story of Pedram Ghesemi and Ali Hosseini are a perfect example. Ghesemi and Hosseini bought a digital currency mining rig – Antminer S9 – for $526 afew months ago. Bitcoin (BTC) was trading at $6,500 when they bought the mining rig. The value of Bitcoin (BTC) crashed below the $3,200 level earlier this month, but it’s now trading close to the $4k level at the moment. Bitcoin (BTC) Price Today – BTC / USD Ghesemi and Hosseini said that the cost of electricity in Iran is very low, thanks to the large subsidies for energy in Iran. Hence, they are still able to power their digital currency mining and stay afloat in the business. Digital currency mining is completely legal in Iran as there are no forms of regulatory frameworks in the nations. The legality of mining crypto coupled with the energy subsidies in the nation has attracted a lot of digital currency miners to the nation. These two factors are directly responsible for the enormous influx of digital currency miners to Iran.