July 22, 2019 | AtoZ Markets – The finalized Iranian crypto mining electricity fee is ready now and awaiting the final approval, as per reports.
The Iranian Energy Minister Homayoon Ha’eri has announced that the new cryptocurrency mining pricing bill is now between the hands of the members of the state cabinet, which is a governmental body consisting of various ministers and other officials chosen by the president.
While the new bill has not yet been approved, the leaks we have say that the price is dependent on market factors such as fuel prices in the Persian Gulf.
The cheap fees of electricity consumption in Iran serve well here, as the last proposed pricing for mining cryptocurrency in the country was $0.07 per kilowatt-hour, while the ordinary fee of power consumption per kilowatt-hour is $0.05.
According to Mostafa Rajabi Mashhadi’s calculation, the representative of the Energy Ministry for the power department, producing a single Bitcoin (BTC) uses about $1,400 in state subsidies.
Crypto mining power consumption cost in Iran vs other states in the world
Yet, Iran has the reputation of being a heaven for mining cryptocurrency, electricity-cost wise. However, it is still interesting to have a look at some other statistics about power consumption for mining bitcoin around the world.
The chart below demonstrates the electricity cost of mining bitcoin, measured in $ dollar cent per one kilowatt-hour, and per one bitcoin, and ordered ascendingly starting from the lowest, in ten randomly chosen countries from variant geographical areas around the globe.
PRICE PER KWH (US CENTS)
COST PER BITCOIN (USD)