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If I may edit the proverb, it claims that necessity is the mother of invention or innovation. Iran is not a free society where lofty notions of individual liberty reign supreme — beliefs that are the battle cry of bitcoin extremists. Still, it's fast becoming a force As far as Bitcoin’s acceptance is concerned, this is a question that cannot be ignored—a veritable riddle based on a superficial examination of the country’s inherent totalitarian instincts.
This is an important condition, however, and Iran is a country plagued by sanctions. As a result, like a drowning man grabbing an overhanging tree branch, the country is switching its trade links from dollars and euros to bitcoin.
Iran-Bitcoin relationship compared to intermittent love affair, waking up furious and sleeping behind glacier ice when rejected
Iran officially recognized cryptocurrency mining operations in 2019, allowing miners to seek specific licenses. While mining operations will incur a surcharge on energy from the national grid, it is still highly profitable to consider mining Bitcoin officially in Iran The country has huge oil resources and extremely cheap electricity. All legally mined Bitcoins were sold to the Central Bank of Iran.
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Nonetheless, Iran is a desert, and it's hot. This means that in order to keep the grid stable during the usual summer heat wave, Iran had to completely suspend Bitcoin mining operations. Occasionally crack down on the environment around unauthorized mining rigs Bitcoin mining in Iran remains tainted. Despite these flaws, the country has rapidly risen to prominence in the global bitcoin mining scene as authorities allowed unrestricted operations.
The chart below shows Iran’s share of the global Bitcoin mining market over the past few months, based on hash rate estimates compiled by the Cambridge Center for Alternative Finance.
Iran's Percentage of Global Bitcoin Mining
What Has Changed Recently? At the end of August, Iran released a complete framework for bitcoin mining operations, addressing legal loopholes in the existing legal framework, as well as issues related to oil supply and energy availability for mining activities.
Importantly, cryptocurrencies can now be used to pay for imports, according to Iran’s Tasnim News Agency. Although the framework refers to cryptocurrencies, general readers should treat any such references as referring to Bitcoin. This distinction is especially important considering that Ethereum is transitioning from a proof-of-work transaction authentication framework to a proof-of-stake based framework, which removes the requirement to mine ether.
In fact, on Aug. 9, Iran processed the first such import, worth around $10 million, confirming the country’s determination to increase the use of bitcoin in its trade settlement activities.
Consequences of Increasing Bitcoin Adoption in Iran
Every meaningful transformation has positive and negative feedback loops. The benefits to Iran are manifold. Bitcoin-denominated trade transactions would help mitigate the harsh sanctions regime imposed on the Middle Eastern country, especially when combined with mixers for anonymization Encryption-based transactions. This in turn will ease the suffering of ordinary Iranians who, in many cases, do not have access to life-saving medicines due to the current sanctions regime. On the other hand, a newly empowered Iran may step up efforts to expand its sphere of influence Decades of instability has been exacerbated throughout the Middle East.
Especially Iran’s cryptocurrency business will accelerate the penetration of the world’s largest cryptocurrency market capitalization, not only in Iran, but also in bilateral trading countries such as India and the UAE, not to mention Russia and China.
This greater usage could help reduce the price volatility that bitcoin is notorious for due to lack of demand.
On the downside, Iran's growing bitcoin footprint is bound to draw the attention of the U.S., which is reluctant to relinquish the dollar's supremacy in global commerce. Consider the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) recently Approved Tornado Cash, a blockchain protocol that allows users to send and receive cryptocurrencies anonymously, citing its use by the North Korean hacking group Lazarus and various money laundering activities. This forced Aave to suspend all Tornado Cash transactions.
Additionally, the European Union is still considering a ban on Bitcoin mining operations due to Bitcoin’s high carbon impact.
Given that Ethereum is poised to become more centralized by transitioning to a PoS structure, the crypto industry is currently discussing how to resist progressive legislation in many important jurisdictions.
Iran’s heavy involvement in Bitcoin mining, even with few global measures, is bound to attract the proverbial hammer. In this case, even if it is still difficult to completely ban Bitcoin internationally, its global adoption will be affected.
Ultimately using the threat of sweeping sanctions or even arrest to drive bitcoin extremists off the network would make the world's largest cryptocurrency increasingly dependent on commercial but authoritarian regimes such as Iran, Russia and China, which is bad news for bitcoin not a good sign long-term prospects.
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