Is Bitcoin Iran’s new gateway to the world?

Iran is looking for new ways to reduce the effects of the embargo imposed by the USA. Is Bitcoin becoming Iran’s new door to the world? Details are in our news.

Is Bitcoin Iran’s new door to the world?

We left behind a week where the environmental effects of Bitcoin mining were talked about a lot.. After Elon Musk announced that he had suspended Tesla sales due to the excessive use of coal in mining activities, the crypto money market received bad news one after the other.

Eyes suddenly turned to mining activities.. The news from China during the day also created another wind of fear in the crypto money market, which is trying to recover.

There are countries that benefit greatly from Bitcoin mining.. According to a new report from blockchain analysis firm Elliptic, one of these countries is Iran.

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The report indicates that Iran’s regulated mining activities are worth over $1 billion. It generates revenue and shows that Bitcoin mining can help the country escape economic sanctions imposed by the US.

Iran currently accounts for 4.5% of global Bitcoin mining, according to the report.. The report states that the US has imposed a massive embargo on Iran, including financial institutions, and that oil exports have fallen by almost 70% in the last 10 years.. It is stated that Iran has recently turned to Bitcoin mining to avoid this embargo.

“In the face of these sanctions, Iran turned to an unexpected solution: Bitcoin mining.”

It is stated that Iran is advantageous in energy-intensive mining activities due to its cheapness and abundance of oil.. In addition, foreign investors from China contribute to the crypto economy of the country with the help of the Iranian army.

State-approved mines are stated to help sell the country’s oil by proxy.

“These government-approved mines generate Bitcoin, which can then be used to help the country sell its oil by proxy: excess energy and oil are used to produce Bitcoins. and it can then be sold in global markets.”

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