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Attention is drawn to Iran as Chinese cryptocurrency miners build closer relationships and migrate facilities

By Tyler Smith – Cryptocurrency Broker

Amid recent months, crypto supporters have drawn their attention toward Iran. The Iranian President, Hassan Rouhani, launched an innovative cryptocurrency mining initiative last May, as the government registered and licensed 14 Bitcoin mining facilities in July. One of these mining farms is, according to Lubian, managed by the mining corporation themselves.

Referred to as the ‘Bitcoin Mining Map’, The Cambridge Bitcoin Electricity Consumption Index sets out to breakdown numerous cryptocurrency trading statistics, including the global dispersal of geographical mining hashrates. According to this register, Iran is sixth in terms of the nation’s hashrate when compared to the rest of the world. 

Alongside Iran, China represents a substantial sector of the buying and selling Bitcoin market, contributing a huge volume of hashing power. Chinese miners also have a close relationship with Iran and, as News.Bitcoin.com reported earlier in 2019, Chinese mining companies have been migrating to the oil-rich nation for more economical electricity costs.

Lubian, in comparison to the rest of the industry, is a relatively new mining program and was calculated as being the sixth most powerful cryptocurrency mining operation when considering its hash rate output. Currently, it represents approximately 3% of the global hashrate as they now list at number 11. Alternative mining pools and other similar giant mining platforms include F2pool, Antpool and Poolin. According to executives, Lubian also offers Bitcoin (BTC), alongside traditional payments as options for their energy companies.

Lubian was founded by Liu Ping, who notes the partnerships between Iranian power facilities and investors. He addressed their lack of problems with Iranian clearance in comparison to the Chinese. He adds how ‘profitable’ the business and industry is, while acknowledging that ‘there is no other crypto financial service’ provided by Lubian other than their mining facilities.

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