China is mining cryptocurrencies such as Bitcoin in Iran

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During the last few months, cryptocurrency supporters have focused on Iran as the Iranian President Hassan Rouhani initiated a new mining strategy last May, and the government-licensed 14 bitcoin mining farms in July. Bitcoin miners from China develop strong relationships and cryptocurrency mining facilities in Iran as the Chinese mining operation Lubian said it is operating one of these regulated bitcoin mining farms in the oil-rich nation.
The Cambridge Bitcoin Electricity Consumption Index or “Bitcoin Mining Map” visualizes the geographic distribution of global Bitcoin hashrate. Iran is the sixth most powerful country in terms of global hashrate.
China consumes a notable amount of the global hashrate and Chinese miners also have a strong relationship with the oil-rich nation of Iran. Back in 2019, news.Bitcoin.com reported on Chinese miners migrating to Iran for cheaper electricity rates.
At that time, it was hard for the bitcoin miner, Liu Feng, to get his ASIC mining rigs into the country. However, when miners got into Iran, they had access to extremely cheap electric prices ($0.006 per kilowatt-hour).
However, the Iranian government stopped these unlicensed operations when certain subsidized organizations like mosques were caught mining bitcoin with near-free electricity.
Iran then mandated licensure for mining farms and the electric rate was upped to fluctuating export prices depending on the season. More recently, President Hassan Rouhani initiated a bitcoin mining strategy and the government is focused on bolstering the industry.
The mining operation Lubian.com recently told the financial columnist Vincent He that it operates one of the largest regulated farms in Iran.
Lubian’s cofounder Liu Ping detailed that it has a great partnership with a power facility in Iran and the investors are both from Iran and China as power companies in Iran are now allowed to house bitcoin mining operations. Unlike the Chinese miner Liu Feng who had an awful time dealing with customs getting ASIC mining rigs across the border, Liu Ping said his firm has no problems with clearance.
“We have our own customs clearance channels as we have the experience of establishing the logistics company,” Liu Ping stated. “And we have good local resources in Iran, and we have maintained good relations with the Ministry of energy, the Ministry of foreign affairs, and even the army in Iran,” the miner added.
Lubian is a new mining operation and it has been the sixth most powerful mining operation in terms of hashrate. Today, Lubian has around 3% of the hashrate or around 3.86 exahash per second (EH/s) globally.
This puts it in the eleventh position among a number of powerful mining pools and giant operations like Poolin, F2pool, and Antpool. Liu Ping said that the Iranian farm is housed in containers within the power plant’s property lines.
He also said the operation pays the power company in shares of bitcoin (BTC), as well as traditional means of payment.
“Compared with traditional industries, crypto mining is a profitable business,” Liu Ping concluded. “Apart from the mining pool business, at present, there is no other crypto financial service business conducted by Lubain.com. At present, their purpose is only mining and accumulating Bitcoin.”

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