Iran is estimated to account for a total of 4.5% of Bitcoin mining that takes place worldwide, according to a survey by blockchain data firm Elliptic.
If these numbers are true, Iran is capable of bringing in $1bn in revenue annually.
Elliptic collated the numbers from Cambridge University’s Center for Alternative Finance data sets and sifted through statements issued by Iran’s state-owned power generation, distribution and transmission company (Tavanir), concluding that Iranian miners are using up 600 MW of power to mine Bitcoin.
Elliptic cautions that these numbers are still very difficult to confirm, so the data should not be taken at face value. According to the firm, Iran is using Bitcoin to dodge US sanctions which have been ramped up under the previous administration.
The study also looked into the level of electricity consumption that goes directly to mining Bitcoin in Iran. Based on the numbers Elliptic collated, the equivalent of 4% of the total Iranian oil exports converted into electricity are needed to maintain this type of operation.
Iran is not able to export its oil internationally because of sanctions but it can do so if it uses the oil and converts it into electricity. Essentially, Iran has found a way to convert oil into cryptocurrencies which is a great way to utilize the resource.
Not only that, but Iran is already attracting interest from China, where the crack down on mining and crypto operations continues. Elliptic said that several companies have already received licenses to start mining operations.
Iran’s energy is cheaper too, because of the need to convert oil into a meaningful economic product.
In the meantime, you can use your own cryptocurrencies to join crypto casinos such as Bitcasino, 1xBit and FortuneJack and have a bit of fun.