Is Iran using Bitcoin to evade US sanctions? I can’t say so for sure, but it would appear they are being very keen on their strategy. How’s this? To help with its hyperinflation economy. The poor Iranian economy has been caused primarily by the US sanctions against Iran. How can their economic problems be solved or improved? Iran evading USA sanctions with Bitcoin mining is one solution.
IRANIAN OIL EXPORTS
Iran’s energy reserves & Iranian oil exports are being hampered by the US through their sanctions. So Iran is taking its oil and turning it into electricity for Bitcoin mining. Bitcoin mining in Iran equates to roughly 4.5% of all Bitcoin mined in the world. So this is a way for Iran to indirectly export its oil energy reserves. How? Through Bitcoin. This should help the country rebound economically.
ELECTRIC GRID IN IRAN
The electric grid in Iran has not aged well. By using its current electric grid for Bitcoin mining, Iran has broken through its problem. And because tariffs are so inexpensive, even China now is coming to Iran for BTC mining. So I think it’s a brilliant idea. If your electrical grid is bad, then using oil to build that up is amazing. Especially when you have an excess of oil. Couple that with a hyperinflation economy. And mining Bitcoin helps generate revenue for the country.
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