The people of Iran to bitcoin mining, in order to alleviate the influence of American sanctions

Iran is currently in the midst of the economic crisis. Due to some problems in the U.S. government recently imposed sanctions by the government of Iran has been busy to maintain its economic operation. Because of this, it is to deal with the problem of citizens. The Council of the Atlantic (Atlantic Council) said in a report, trading at the beginning of the use of encryption currency and other parts of the world, they are now turning to bitcoin mining, as a means of balance. The United States has imposed sanctions on the economic impact of Iran in more than one. The other impact of sanctions, the negative effects may be the largest commercial bank in Iran by the society for Worldwide Interbank Financial Telecommunication (SWIFT) out of the network. This is the direct meaning, the Central Bank of Iran was excluded from the world, financial institutions can not handle transactions or makes the retail bank and other countries to carry out any form of business. Since since the implementation of sanctions, Iran foreign bogged down in some extent. In order to ensure that they are still able to trade and to make a living, many people turn to the crypto currency mining in Iran.

Considering the current situation of the market of the terrible password, the sustainability of this new strategy has been questioned. The bear market has affected the world market prices of the encryption, the encryption of business profits.

Despite the bear market, Iran people still find a digital mining assets and earn some income method. Ali Hosseini and Pedram Ghesemi’s story is a good example. The cousin of a few months ago to $526 price to buy a single encryption mining machine Antminer S9, when the bitcoin price is $6500. This month the price had dropped to $3200, but as of press time has rebounded to $3758.58. The cousins in Iran claimed that they pay the electricity is very low, can provide power for mining their secret, so they can still survive. Thanks to the huge subsidies for energy in Iran; this fact directly led to a large influx of miners in Iran. Although the regulatory framework in any form without encryption, currency mining in Iran is still legal. With the implementation of U.S. sanctions, looking for external liquidity may become difficult for Iran investors for encrypted transaction, because of the large encryption exchange Binance warned Iran investors withdraw their funds on the platform, because the money trying to comply with the rules in Washington.

Translation: Kunming plus

Source: CCN

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