Iran Finalizes Electricity Pricing Scheme for Cryptocurrency Miners

Iran Finalizes Electricity Pricing Scheme for Cryptocurrency Miners

The Iranian Economic Commission has reportedly finalized a power pricing scheme for cryptocurrency miners

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The Iranian Economic Commission has reportedly finalized a tariff scheme for cryptocurrency miners, according to a July 21 report from Iranian economic daily Financial Tribune. 

Per the report, Energy Minister Homayoon Ha’eri announced that, while the tariff scheme has been finalized, it is awaiting approval from the Cabinet of Iran — a governmental body consisting of various ministers and other officials chosen by the president. 

While Ha’eri did not elaborate on the exact price scheme, he stated that the price is dependent on market factors such as fuel prices in the Persian Gulf. 

The head of Iran Electrical Industry Syndicate, Ali Bakhshi, previously proposed a price of $0.07 per kilowatt hour for cryptocurrency miners. Electricity in Iran is currently very cheap due to government subsidies; one kilowatt hour of electricity currently costs $0.05, with power being cheaper in the agricultural and industrial sectors. 

To put these prices in context, Mostafa Rajabi Mashhadi, the Energy Ministry spokesman for the power department, previously stated that the production of a single Bitcoin (BTC) uses about $1,400 in state subsidies. 

The Financial Tribune reports that mining one Bitcoin reportedly consumes as much electricity as 24 buildings in Tehran do in one year. 

Today’s news follows an announcement from the Central Bank of Iran (CBI), in which the banks governor Abdol Hemmati claimed that the CBI was planning to authorize cryptocurrency mining. 

Similar to today’s statements from Energy Minister Ha’eri, Hemmati said that a planned law will require crypto mining in Iran to abide with the price of electricity for export, rather than allowing miners to use the heavily subsidized internal energy grid.

Also today, Deputy President of the Islamic Republic of Iran Customs Administration Jamal Arounaghi announced that the agency has not yet issued licenses for the import of cryptocurrency mining equipment. While a tariff scheme exists, the final decision on licensure awaits approval from the government.


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The Iranian Economic Commission has reportedly finalized a power pricing scheme for cryptocurrency miners

Nasdaq and CryptoCompare Partner on Institution-Oriented Crypto Pricing Product

Nasdaq and CryptoCompare Partner on Institution-Oriented Crypto Pricing Product

The world’s second-largest stock exchange, Nasdaq, and crypto data provider CryptoCompare have partnered to release a crypto pricing product for institutional investors

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The world’s second-largest stock exchange, Nasdaq, and crypto data provider CryptoCompare have partnered to release a cryptocurrency pricing product targeted at institutional investors. The news was revealed in a press release shared with Cointelegraph on June 11.

The new product, dubbed the “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices,” will be made available on the Nasdaq-owned platform Qandl — which reportedly provides financial and economic alternative datasets for over 400,000 financial professionals globally.

The new Nasdaq-CryptoCompare pricing product will be based on CryptoCompare’s aggregate index datasets, which provide ostensibly minute-by-minute pricing data from those cryptocurrency markets that have the highest liquidity.

The product aims to enhance institutional investors’ capabilities in the crypto markets, across “trading strategy, quantitative research, risk modelling, NAV calculations and back-testing,” the press release notes.

In an official statement, CryptoCompare CEO and co-founder Charles Hayter has argued that “reliable data is the bedrock of transparent, liquid markets,” and can offer global, institutional investors and traders a competitive edge in the crypto sector.

In late 2018, Nasdaq had ostensibly confirmed its plans to launch bitcoin futures in the first half of 2019, having deferred an earlier planned rollout.

In February 2019, Nasdaq started listing two cryptocurrency price indices from United States blockchain and crypto market data firm Brave New Coin (BNC), including BNC’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX).

Cryptocompare has meanwhile just this week partnered with major crypto derivatives platform BitMEX to jointly construct a real-time crypto futures dataset, which will be delivered to financial markets data provider Refinitiv.


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The world’s second-largest stock exchange, Nasdaq, and crypto data provider CryptoCompare have partnered to release a crypto pricing product for institutional investors