<p>Iran is said to have given more than 1,000 licenses to cryptocurrency miners in the country.</p> <p>The licenses have been issued by Iran’s Ministry of Industry, Mine and Trade, local news outlet Financial Tribune <a href="https://financialtribune.com/articles/business-and-markets/101865/1000-cryptocurrency-miners-given-permits">reported</a> Friday, citing an official from ICT Guild Organization - an Iranian NGO representing information and communications technology (ICT) sector.</p> <p>The official, Amir Hossein Saeedi Naeini, said crypto mining industry has the potential to add $8.5 billion to Iran’s economy.</p> <p>Iran legalized crypto mining last June; the country has long been attractive to miners due to cheap power. Miners are <a href="https://www.theblockcrypto.com/linked/47109/iran-announces-power-tariffs-for-crypto-miners-offers-bounty-for-exposing-illegal-operations">charged</a> 4,800 Iranian rials (~$0.11) for one kilowatt-hour (kWh) of energy. During the peak summer season (June to September), however, the <a href="https://financialtribune.com/articles/business-and-markets/100745/iran-crypto-mining-power-tariffs-revised-downward">charges</a> are higher at 19,300 Iranian rials (~$0.46) per kWh.</p> <p>“High electricity tariffs plus stringent regulations” have made the crypto mining sector “less appealing for small investors," according to Naeini. Therefore, a limited number of authorized mining farms are currently active in Iran, per the report. </p> <p>Iran <a href="https://www.theblockcrypto.com/linked/47109/iran-announces-power-tariffs-for-crypto-miners-offers-bounty-for-exposing-illegal-operations">finalized</a> the power tariffs in November, as subsidized energy previously <a href="https://www.theblockcrypto.com/linked/29571/miners-are-using-subsidized-energy-in-iran-and-its-weighing-on-the-national-grid">put pressure</a> on Iran’s national grid, causing a 7% increase in energy consumption in the country. Notably, Iran does not recognize cryptocurrencies as legal tender.</p>