What is crypto mining in Iran and how does it work?

Iran has accepted crypto mining in recent years, offering cheap power and requiring miners to sell their bitcoins to the central bank. Tehran allows cryptocurrencies mined in Iran to be used to pay for imports of authorised goods. The prospect of cheap power has attracted miners, particularly from China, to Iran.

How to get into crypto mining?

As anyone can get into crypto mining, you can use a normal computer for the job. Unfortunately, with so much competition in the market, it’s unlikely you’ll turn a profit. For Bitcoin BTC -1.2%, miners use ASIC computers which are powerful, tailor-made machines for mining.

Why are Lebanese mining bitcoin?

Cryptocurrencies are volatile-the price of bitcoin has dropped about 70% from its peak a year ago-but the power of earning fresh dollars is a massive incentive for Lebanese to enter mining.

What happened to bitcoin mining in China?

In June China told banks to stop facilitating transactions, and issued bans on mining. At its peak in Sept 2019 China accounted for over three quarters of all Bitcoin mining. China's crackdown initially led to a 38% fall in mining globally CBECI said.