The process of crypto mining is a somewhat controversial one worldwide as it is very energy-intensive and they have the reports of numerous people stealing energy from schools, their place of business and so on in order to mine cryptocurrency and also of crypto-jacking which involves malicious parties installing software unto victims’ computers without their knowledge in order to mine cryptocurrency with their computing power. One country of the world that has seen developments in this regard is Iran as a few weeks ago, the government threatened to kick several people of the national grid because they were making use of subsidized power to mine cryptocurrency but eventually, a special rate was put in place for crypto minors.
Now, even more good news has been announced as Iran’s National Tax Administration (INTA) has stated that cryptocurrency miners can carry on their work tax-exempt if they agree to repatriate their overseas innings.
This treatment of crypto miners shows how mainstream the industry is becoming as the same rule applies to the non-oil exporters within the country and the government considers the crypto industry a taxable one like any other and believes that they should be subject to the same laws.
However, certain miners believe that the government worries about capital flight are unnecessary as according to them, 70 to 80 percent of their revenue goes back into the production cycle anyways and therefore the government has nothing to fear in this regard. All these are part of the teething problems of incubating cryptocurrency and mining into the mainstream business world but the acceptance within Iran is remarkable considering the country only just recognized crypto mining as a legitimate industry in the last few months and is just putting measures in place to properly regulate the industry.
Crypto mining, however, is very popular within Iran because it is cheaper to mine cryptocurrency there that in other countries due to their energy rate that is less than half of what it would cost in a country like the United States. As time goes on, more laws should be put in place and we could be looking at a future where the Iranian mining industry is as well regulated I’m recognized as any other commercial endeavor.