Iran uses crypto mining to lessen impact of sanctions, study finds – Reuters
- Date: 22-May-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Iran uses crypto mining to lessen impact of sanctions, study finds – Reuters
Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found.
At its current level of mining, Iran's bitcoin production would amount to revenues close $1 billion a year, according to figures from blockchain analytics firm Elliptic.
Iranian officials could not immediately be reached for comment.