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It is especially important for countries to become more aware of cryptocurrencies, especially with components like decentralized finance rising in prominence. Now that the Middle East is becoming more mining-friendly, the future suddenly looks bright once again for this region.
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The push by many in Iran to establish the country as a mecca for crypto miners may be having some unintended environmental consequences.
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According to an investigative report from RunRun.es, Venezuela intends to increase its use of Bitcoin to pay for imports to bypass financial sanctions imposed by the United States.
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Taras Kulyk, Senior Vice President of Blockchain Business Development at Core Scientific, says that the countries competing to become leaders in the Blockchain space vary greatly in what they can offer to crypto miners.
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Whistleblowers helped Tavanir, Iran’s power company, shut down 1100 crypto mining farms that were allegedly operating without the proper licenses.
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Crypto mining in Iran is set to become even bigger with the government giving the green light for power plants to mine cryptocurrencies like Bitcoin (BTC). The news is the latest piece of positive development on the virtual currency mining front to come out of the country in the last year.
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Bitcoin miners in Kazakhstan will soon be paying taxes to the state as the government looks to raise funds for COVID-19 recovery plans.
Outside China, Kazakhstan controls the third-largest share of the global Bitcoin (BTC) mining hash rate.
Iran has announced that it will now allow industrial-scale power plants in the country to operate as Bitcoin miners —- provided they don’t use subsidized fuel.
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