Iranian citizens do not mind Market Crash and American Sanctions and still profit from Bitcoin
According to the report of Atlantic Council, Iranian population was not scared by US sanctions that led to fluctuations in the state currency as well as a crash that happened in the crypto market and continues to mine BitCoin and get profit. Two young residents of Iran, Ali Hosseini, 26, and Pedram Ghasemi have purchased […]
According to the report of Atlantic Council, Iranian population was not scared by US sanctions that led to fluctuations in the state currency as well as a crash that happened in the crypto market and continues to mine BitCoin and get profit.
Two young residents of Iran, Ali Hosseini, 26, and Pedram Ghasemi have purchased Antminer So, a device to mine BTC for $526. It happened 2 months ago when the coin price was about $6,500.
American sanctions made local currency rocket sky high and reach the figure of 190,000 against the dollar. However, neither this price growth nor a significant decline in the price of Bitcoin influenced brothers’ activity in mining. They still manage to get profits from BTC mining as the cost of electricity is lower in the country.
Iran takes the first place among other countries in energy subsidies the cost of which is equal to 10.4% of the state GDP. The increase in oil price allowed the country government to increase the number of subsidies this year as well. The main natural resource used in Iran for electricity production is natural gas and its price is a bit lower than oil in the international market.
In addition, the men supposed that they will experience loss only of American dollar will cost less than 110,000 rails and BitCoin – below $2,000. The drop in the crypto market made many businesses to leave the mining industry and sell devices, but Hosseini does not have these plans. Vice versa, they are planning to buy several more mining machines as once cryptocurrencies will take the place of fiat money.
Despite the fact that local authorities made a step forward to crypto miners and made the industry legal in the country in September, it is still forbidden to trade crypto because of the ban issued by the Central Bank of Iran.
One of The Guardian reports says that students from Iran have to avoid American sanctions in the UK and use crypto to receive money from home to be able to pay the tuition fee abroad. It is the only way for them not to be suspended from educational establishments.
With the goal to manage the economic stability, the country government is developing their own state cryptocurrency. It was an instruction of Hassan Rouhani, the president of the country, to complete the following crypto coin project.