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Bitcoin Mining Companies Strengthen Ties


One of the richest nations in the world in hydrocarbons, Iran, has begun in recent months a process of opening up to mining activity. According to information, the Chinese Bitcoin mining company, Lubian, would be playing an important role in this process.

Since May, the authorities of the Islamic Republic of Iran began a process of understanding with the digital mining centers. Since then, with strong state regulation, 14 mining farms have been given permission to carry out their operations.

In this sense, the Chinese Bitcoin mining company, Lubian, would be directing at least one of these centers. Relations between this Chinese firm and the Persian authorities appear to be in very good condition, according to the report.

Multinational Bitcoin mining companies strengthen ties

It is true that China is, without a doubt, the epicenter where the largest and most important Bitcoin mining companies in the world are concentrated. However, some conditions are not entirely favorable for the activity.

One of them is the electricity cost, which is low only in winter, but in general it is a bit high. This has led to a process of migration from mining centers to countries where electricity costs are lower.

One of these nations is Iran. In this sense, companies like Lubian, have been advising and investing in that nation. They also develop relationships within the spheres of government to secure their business.

Chinese Bitcoin mining company Lubian is one of the most powerful in the world.

Opening after a period of persecution

As in several countries, in Iran, Bitcoin mining was considered illegal at the time. Until recently, the authorities persecuted the people dedicated to her and the punishments for this “criminal” act were exemplary.

The authorities tried to control the imposing growth of this activity, which threatened the stability of the electrical system in that country. There are reported cases of sacred centers such as mosques, who took advantage of state-subsidized energy to mine Bitcoin.

However, it must be remembered that Iran is a country sanctioned by the United States. What forces them to open up to alternative businesses and take advantage of them.

In this case, the use of cryptocurrency mining in a controlled way could be becoming a source of income, as it attracts investors from other countries.

Powerful partnership

According to Lui Ping, co-founder of the aforementioned Chinese Bitcoin mining company, Lubian, a powerful partnership is developing with a “huge” miner from Iran.

Capital from both nations, both from China and Iran, would be participating in it. “There are very good local resources in Iran and we have very good relations with the energy minister, the foreign minister and even in the army.”Ping explained.

It should be noted that Lubian is one of the most powerful Bitcoin mining companies in the world. It currently ranks sixth in hashrate within China, accounting for 3% of all Bitcoin hash.

Data to take into consideration

  • The cost of electricity in Iran is $ 0.006 per kilowatt per hour.
  • Chinese Bitcoin mining company Lubian has been investing in various projects in Iran with the go-ahead from the Persian authorities.
  • The proximity to China, as well as low electricity costs, make Iran a target for miners.
  • The Persian government has issued more than 1,000 licenses for crypto miners in the country.

Reliable sources

The information in this content has been extracted from reliable sources that are detailed below:

1- Professional content management by the authors of CriptoTendencia.
2- External sources:

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