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Venezuela and Iran are latest to Recognize Bitcoin Mining on National Level

Venezuela introduces new mining rules and regulations which demand from every cryptocurrency miner to register with regulators. Iran is also making efforts to produce extra electricity power for mining companies.

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Venezuela’s New Rules for Mining

The new rules are introduced by Venezuela in the official Gazette. Per new rules, miners need to get a license from the National Superintendency of cryptocurrency assets called SUNACRIP. The government will create a registry of miners with full detailed information.

Venezuela will develop a National Digital Mining Pool and it may be mandatory for all miners to join the mining pool. And SUNACRIP will incentivize those miners who will join the National Digital Mining Pool.

In the past, the Venezuelan remained very harsh for mining companies and fined a bundle of mining firms. But now, the government itself wants to monitor the mining activity in the country and will penalize those who will not follow rules and regulations. It is a threat to decentralization as crypto members want no one to control the crypto mining activity or central authority.

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Iran Efforts to Establish Power Plants for Mining

Iran, on the other hand, is also working with mining firms for revenue. Iran’s government has made contracts with power plants to generate power for mining operations in the country. Mohsen Tarztalab, president of Thermal Power Plant Holding company (TPPH), said,” The necessary equipment has been installed at the three power plants in Ramin, Neka and Shahid Montazeri, and the tender documents will soon be uploaded on the website.”

“Unfortunately, the constant price increases and the obligation to provide electricity to subscribers at fixed prices have caused a huge gap between revenues and expenditures in the country’s electricity sector and we need new sources of income to fill this gap,” Tarztalab added.

Iran is now establishing separate power networks to provide electricity to mining firms. The initiative on the part of the state encourages the mining sector to flourish. Even foreign miners have moved into Iran. With this development, Bitcoin will also see a greater adoption than ever in Iran.

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Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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