Bitcoin Mining Still Profitable For Iranian Miners

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The current cryptocurrency market situation makes Bitcoin mining not profitable in many places around the world. There are, however, places where it still does make sense.

Iran is under sanctions by the United States. This, in turn, caused fluctuations of the national currency, rial. The Atlantic Council reports that Iranians are now turning to Bitcoin mining to avoid the difficult financial situation.

“we bought the mining device,[while] the rate of the US dollar in Iran was still quite high, so we figured we would make about $90 to $100 a month,” – explained Ali Hosseini, one of the local miners, and added “The cost of electricity is relatively low in Iran, so the math seemed viable.”

Hosseini and his cousin purchased an Antminer S9 for an equivalent of $526. Despite the fact that Iranian rial dropped from 190,000 to 110,000 per US dollar, mining remains profitable and they don’t see losses yet.

“According to my calculations, the US dollar must drop below 110,000 rials and Bitcoin must be down to $2,000 for us to really lose” – Hosseini explained.

Instead of following in the footsteps of many miners selling their hardware, Hosseini and his cousin actually plan to purchase more miners. Their reason – they believe that cryptocurrency will eventually replace the fiat money.

We couldn’t agree more.

 

Images by Shutterstock.com

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