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Crypto Miners’ Electricity Shouldn’t Be Subsidized: Iranian Energy Minister

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Cryptocurrency miners in Iran could face higher electricity bills if Iran’s Energy Minister gets his way.

On Sunday The Financial Tribune quoted minister Homayoun Haeri as saying that energy used by cryptocurrency miners in Iran should be charged in real prices and not be subsidized by the government.

Iran’s government spends about $1 billion in electricity subsidies in the country with Iranian households paying just a fraction of the real cost of the electricity usage.

Authorities in Iran prohibit the mining and trading of cryptocurrencies. However, such activities continue to proliferate given the relatively low electricity costs in the country.

Sanctions imposed by the US on Iran has even encouraged more people in Iran to mine and trade cryptocurrencies as an alternative to fiat currency.

In an earlier report by CoinDesk, blockchain researcher Nima Dehqan at Tehran-based crypto startup Areatak said foreign investors from Spain, Ukraine, Armenia, and France have visited their cryptocurrency farms in Iran. Dehqan said his firm has already entered an agreement with an investor from Spain to establish a mining farm in Iran.

Dehqan said foreign cryptocurrency investors are keen on farming in Iran due to the cheap electricity in the country which costs well below $0.01 per kilowatt-hour. Further adding to Iran’s appeal to cryptocurrency miners is the recent fall of the Iranian rial’s value due to sanctions imposed by the US, according to Dehqan.

Image via Shutterstock.

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Venezuela Tries to Avoid US Sanctions By Trading In Rubles and Crypto

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Venezuela and Russia are in talks to use the ruble in mutual trade settlements, thereby abandoning the commonly-used US dollar in country-to-country transactions. Further, the two countries are considering using El Petro, Venezuela’s oil-pegged cryptocurrency, as another medium of exchange.

Venezuela‘s UN representative, Jorge Valero, told Russian house organ Russia Today about the upcoming trade plans.

The Petro is pegged to the value of a barrel Venezuelan oil and the national currency, the bolivar, is pegged to the Petro. Venezuela hopes to avoid sanctions by disconnecting from USD and the Petro is an integral part of this process. It is also “swapping crude oil for imported products” according to RT.

RT writes:

The diplomat stressed that the US penalties against the Venezuelan oil sector, along with freezing its dollar accounts, has had an enormous negative impact on the country’s economy. The measures deprived the Latin American nation of free access to international financial support and investments in its oil sector.

The US Treasury imposed sanctions against the Venezuelan government and its crypto exchange Evrofinance after Petro’s launch. The treasury wrote that “Evrofinance’s involvement in the Petro demonstrated Maduro’s hope that the Petro would allow Venezuela to circumvent U.S. financial sanctions.”

Given there are no open crypto exchanges and no real way to pay with crypto in Venezuela, even after months of effort, this effort to route around sanctions appears aimed directly at getting Venezuela’s catastrophically broken government back on track but may or may not have much effect on the local economy.

Image via Shutterstock

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Children of the Crypto Revolution – Join Us!

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Crypto is the new counterculture, and you, yes you are invited. You gotta start believing!

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Bitcoin Price Jumps to 4-Month High Above $4,900

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The price of bitcoin, the world’s largest cryptocurrency by market capitalization, shot up 7 percent within 30 minutes on Tuesday to reach its highest point in four months.

CoinDesk data shows bitcoin’s (BTC) price spiked Tuesday at 04:32 UTC to $4,715, accompanied by a large injection of daily bullish volume to close out the hourly trading period $668 up.

At press time bitcoin has risen 19.17 percent over a 24-hour period, trading at $4,926, and has broken out from a defined area of resistance at $4,192 and continues its warpath of higher highs and higher low.

Bitcoin’s market capitalization has also risen significantly, up $5.1 billion on the day to where it currently sits at $78.8 billion, its largest amount since Nov. 22, 2018.

The move came at a time of contention for bitcoin bulls providing relief and breaking through not one but three key resistance levels at $4,200, $4,420 and  $4,567.

Bitcoin is just one of many cryptocurrencies enjoying a large injection of liquidity in the markets with Ether and litecoin up 5.5 and 8.1 percent respectively while Tron leads the pack in the top 15 and is currently up 12 percent at the time of writing.

Disclosure: The author holds USDT at the time of writing.

Bitcoin image via Shutterstock

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