Iran has given a green signal to the bitcoin mining farms amid the ongoing speculative over the Bitcoin halving event. As per the local media report, this is Iran’s largest bitcoin mining farm that will now continue its operation with government patronage. The license describes that the owner of the Bitcoin mining company is permitted to mine Bitcoin with a processing capacity of 96,000 terahashes per second.
The given hashrate will provide ownership of 1 block in 1,000 to the iMiner company. This mining firm was invested around $7. million in its Iranian facilities with 6,000 ASICS to mine bitcoin. According to the given capacity, the mining firm would be able to earn around 375 bitcoin at the current global hashrate and the current reward 12.5, which will exist until the halving event due next week.
Although the Bitcoin mining rigs were installed in Iran, it has not yet received any official consent so far. This will be a landmark decision in developing Iran as an ideal place to establish mining operations considering the cheap electricity available at $0.006 kilowatt per hour.
The bitcoin mining operations would significantly impact by the bitcoin halving event 2020, as the block reward will reduce from 12.5 to 6.25 per block. It will slash the amount of BTC miners currently receiving by 50%. On the other side, the blockchain community is optimistic about the increase in the price of bitcoin after the halving takes place. It will help sustain and bridge the reduction in reward to the miners.