The legal activity of extracting digital currencies is supported

According to Tejarat News, Mohammad Hassan Motavilizadeh added: “Currency extraction is done based on energy consumption.”

He continued: “According to this and with the aim of organizing and managing this activity, the government has announced a resolution based on which it has structured the activity of extracting the currency code.”

Tavanir CEO noted: The electricity industry also supports the legal activities of virtual currency miners according to the government’s decree.

“A large number of legal virtual currency miners have come forward and we have provided them with electricity and other facilities,” Motavizadeh said.

He continued: “Some have refused to cooperate with whom legal action has been taken and will take place. Of course, our recommendation is to obtain legal permits so that they do not harm themselves and do not harm the electricity industry.”

Efforts to renovate worn-out networks

The CEO of Iran Power Generation, Transmission and Distribution Company pointed to the good proposals that have been considered in the budget for the electricity industry and noted: This year’s budget has good capacities for the electricity industry.

He continued: “In addition, the budget has made it possible for the industry to have the resources of this industry at its disposal.”

Motavalizadeh added: “Efforts are being made to speed up the reconstruction and renovation of worn-out electricity networks, especially in low-income areas, with the help of the capacities considered in the budget.”

The CEO of Tavanir announced the necessary arrangements to supply the fuel needed by the power plants and said: “Liquid fuel is provided for the power plants every year and the necessary forecasts are made.”

According to IRNA, the process of extracting digital currencies is called “mining” industry, and the centers for producing these currencies are called farms or “farms”. In the mining industry, oil and gas are converted into electricity and eventually into a digital currency product that can be used as a virtual currency for financial transactions.

The issue of mining (virtual currency extraction), which is an unknown topic in the country, has been considered in recent days due to concerns about increasing electricity consumption and the possibility of shortage of this energy carrier.

High power consumption by digital and virtual currency extractors is always a threat to the electricity industry. Of course, it is said that this threat is more from illegal miners of virtual currencies than those who do it legally.

Source: IRNA