Using natural gas to power digital casting Corporate Iranian currency will have to deal with a sharp rise in fuel prices. The new tariffs set by state-owned suppliers are almost double the previous ones and were retroactively imposed, local media reported.
Iran Raises Tariffs on Natural Gas Mining Farms
State-owned Iran Gas Company, a subsidiary of the Islamic Republic’s Ministry of Oil, has notified cryptocurrency miners of price hikes The British daily Financial Tribune announced natural gas tariffs, citing a report from Paybust magazine.
The price increase is retroactive and covers the current fiscal year beginning March 2022, according to the publication. This means that your invoices for the last 6 months will be adjusted according to the new tariffs.
As a result of the Oil Ministry’s decision, one cubic meter of fuel now costs 53,368 rials (about $1.25), almost double the miner’s previous payment of 29,440 rials. OK. In addition, a 9% Value Added Tax (VAT) will be charged.
Abbas Ashtiani, chief executive of the Iran Blockchain Association, called the move a violation. He believes the price increase should not have been applied to gas consumption in the first half of the fiscal year.
With more than a third of his domestic cryptocurrency firms dependent on gas supplies, many of the licensed firms will suffer heavy losses. The local crypto community believes this is another misguided policy that drives more miners underground after internet turmoil and legal proceedings.
Iranian miners , which has been blamed in part for the country’s energy shortages, has been forced to close multiple times over the past two years. Licensed mining farms pay their electricity bills at export rates, and gas is priced at around 70% of the export average.
Global gas prices soared after Russia launched its invasion of Ukraine in late February, but have fallen recently due to a gradual decline and rising reserves in Europe.Ashtiani He pointed out that Iran’s gas prices typically adjust when global rates go up, but not when they go down.
Image Credits: Shutterstock, Pixabay, Wiki Commons