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Iran issues permission for (iMiner) foreign cryptocurrency company

 

TEHRAN, April 29 (Xinhua) — Iran has issued a licence for a foreign-registered cryptocurrency company (iMiner) to mine digital coins and offer trading and custody services in the country, Press TV reported on Wednesday.

The charter was issued by Iran’s Ministry of Industry, Mine and Trade to iMine company, which is registered in Turkey.

Under the permission, the iMine will be allowed to operate with a computing power of 96,000 terahash per second at a bitcoin mining farm in the central city of Semnan, Press TV said.

Hashrate is a measure of the power of computers hooked up to the bitcoin network that dictates their ability to produce new coins.

According to the report, in the bitcoin mining farm set up by iMiner with 7.3 million U.S. dollars of investment, 6,000 machines will be producing cryptocurrencies.

After the United States re-imposed its sanctions on Iran’s financial and energy sectors two years ago, Iran has been ramping up its use of cryptocurrencies to get around the embargoes.

source: xinhuanet.com