Three major power plants in Iran are looking to power cryptocurrency mining with surplus energy as an alternative means of making revenue.
Three of the TPPH’s power plants will offer their excess energy to interested Bitcoin miners in the country. The move follows the July announcement that power plants in the country could legally mine cryptocurrency – as previously reported by Decrypt.
It has been more than nine months since the Iranian government began issuing cryptocurrency mining licenses to operators in the country. The country’s government had previously legalized mining and the licensing of operators will help authorities keep tabs and benefit economically from the sector.
At the time, the Iranian NGO ICT Guild Organization estimated that the industry could generate around $8.5 billion for the Iranian economy.
Power plants seize opportunity
It is not surprising that power plants are looking to seize the opportunity presented by the recent regulatory green light for these operations to explore cryptocurrency mining.
The TPPH will look to increase its revenue generation by offering surplus energy directly to cryptocurrency mining operators. The head of the TPPH Mohsen Tarztalab confirmed that tenders would be sold to prospective operators following the recent regulatory moves.
“According to the laws and regulations announced by the cabinet and the Energy Ministry, we have been allowed to allocate some capacity of our power plants for mining cryptocurrencies,” Tarztalab told the Tehran Times.
Tarztalab also highlighted the fact that power companies were having to look for alternative means of increasing revenues amid strict regulations on power provision to the Iranian populace.
“Unfortunately, constant price hikes and the obligation for supplying electricity with stable prices to subscribers have caused a large gap between revenues and expenditures in the country’s electricity industry, and we need new sources of income to fill this gap,” Tarztalab said.
Cleaner turbines to power crypto mining
The TPPH will be using expansion turbines at the Ramin, Neka, and Shahid Montazeri power plants to provide energy solely to cryptocurrency mining operators. These extra turbines do not supply electricity to the Iranian power ground, the power produced is used by the power plant,
Another major reason for using the expansion turbines is due to the fact that they are powered by natural gas and not liquid fuels. Tarztalab indicated that the turbines are cleaner as a result of their power source.
Tarztalab indicated that miners with the necessary permits will have to adhere to preset tariffs for cryptocurrency mining, and will be able to access the tenders online in the near future.