Iran is utilizing cryptocurrency mining to reduce the impact of sanctions.

Date:

Research finds Out that Iran is utilizing cryptocurrency mining to reduce the impact of sanctions.

The United States has reportedly imposed a complete economic embargo on Iran, which includes a ban on all imports, also the ones from the country’s oil, banking, and maritime sectors.

A new study found that approximately 4.5% of the mining of Bitcoin operates in Iran, which allows the country to earn hundreds of millions of dollars in cryptocurrencies, which can be utilized for buying imported goods and mitigate the impact of sanctions.

According to data from blockchain analytics company Elliptic, based on the current level of mining, Iran’s Bitcoin production will reach nearly $ 1 billion in revenue per year.

The study concluded: “Iran has realized that Bitcoin mining is an attractive opportunity for an economy hit by cash shortages and oil and gas surplus sanctions.”

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