Bitcoin, crypto exchanges, Cryptocurrency, Electricity costs, electricity losses, foreign currency, iran sanctions, mining farms, Mining Pools

A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year in direct revenue from cryptocurrencies.â€

Employment Opportunities

Meanwhile, as reported by one local media outlet, the authors of the report say Iran can increase employment opportunities across its economy if it enables the creation of more bitcoin mining farms. In their report, the authors assert that:

The authors then go on to suggest that “for every megawatt of electricity consumption about nine people are directly employed.â€

However, the report seemingly urges the Iranian government to consider regulating cryptocurrency activities. In justifying this recommendation, the report states that “regulated cryptocurrency activity in Iran might also help to prevent foreign currency from leaving the country.â€

Beating Sanctions With Newly Extracted BTC

Predictably, the report also touches on why cryptocurrency mining provides a unique opportunity for the Iranian government to circumvent sanctions. The report explains:

Also in the report, the authors claim that the creation of more cryptocurrency mining farms will help Iran to “reduce electricity losses.â€

In their conclusion, the authors urge the Iranian government to enable the “collective mining†of cryptocurrencies as well as the “creation of mining pools next to power plants where possible.â€

Do you agree that newly created bitcoins are not easily traceable? You can share your views in the comments section below.

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