Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.


Sanctions-Hit Iranians Seek Economic Alternative in Crypto Mining

Sanctions-Hit Iranians Seek Economic Alternative in Crypto Mining

Support free writers: > send a tip

written by

Iranians are looking towards crypto mining to soften the economic blow caused by recent unilateral US sanctions.

Dwindling economy

Since the recent US sanctions have come into force against the Persian nation, the Iranian government is mostly involved in keeping the economy together to avoid a total collapse. The fresh sanctions have effectively cut off the country’s banking system from the rest of the world. Inflation is at an all-time high and residents have been seeking alternative means to income generation.

The banking sanctions are perhaps the most hard-hitting ones to Iran. Being financially isolated, the most affected are Iranians living abroad, especially young students who now do not have access to money from their homes and are unable to afford tuitions. One of the only ways Iranians can now get money in and out of the country is through cryptocurrencies; demand for Bitcoin in Iran is growing as they can easily obtain, transfer and convert it to traditional currency.

And now, apparently, local residents have also turned their eyes towards mining, with the hopes of generating alternative income from the generation of new Bitcoin.

Profitable Mining

The recent cryptocurrency market crash has made mining a very tough business globally. Many mining operations all over the world have shut down since falling prices mean that mining is not profitable anymore. Iran, however, is a different story altogether.

The news of two Iranian cousins has been making rounds lately. Pedram Ghesemi and Ali Hosseini acquired an Antminer S9 crypto mining rig a few months back and started their mining operations.

The cousins claim that prevailing low prices have affected mining profitability but they are still in the black. This is due to the fact that Iran gives heavy subsidies to its residents in the energy sector and thus the cousins, even with a single mining rig, are able to generate profit.

The Iranian government is also looking into starting a state-backed cryptocurrency to circumvent banking sanctions by the US.


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter