Bitcoin

It is not clear whether the order was made with bitcoin or another cryptocurrency. It is known that the Iranian government set up a trading platform for local companies earlier this year to facilitate international trade with bitcoin or other cryptocurrencies. Sanctions apply to Iran, which means that international payments via the traditional banking system are in many cases not an option

Iranian Bitcoin miners have also been legally obliged since 2020 to make their mined bitcoins available to the central bank for import. Newly mined bitcoins have the advantage that, in addition to the coinbase , there is also a coinbase. When a block is mined, the reward (the miner’s reward ) for finding the block is sent to the miner via a so-called coinbase transaction. That transaction has no sender, because there was no previous owner . No other transactions have been made with it, so they cannot be traced back to Iran via blockchain analysis.

Bitcoin mining

For a long time, Iran was a popular destination for Bitcoin miners due to the low local energy price; some 4% of the global hashrate came from the country in 2020. Today, that percentage has dropped to just 0.12%

In addition to Bitcoin miners having to hand in their mined bitcoins, various developments in the past two years probably also played a role. For example, the Iranian government issued a ban on the trade in bitcoin, a licensing system for miners was introduced, fines and electricity rates were increased and tough action was taken against ‘illegal miners’. During the summer months of 2021 and 2022, legal bitcoin miners were disconnected from the power grid for several weeks, because the power grid could not handle it.

Many mining companies have probably stopped or moved abroad due to the uncertainties and business risks. The new regulations should create clarity and put an end to uncertainty.

Also read our other articles about Bitcoin in Iran.

 

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