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Bitcoin, Blockchain, and the Energy Sector competing with Bitfury. Smaller local mining pools were not offered similar incentives and have been struggling to mine in a low-price environment. Furthermore, some locals criticize the government for providing Bitfury incentives. The Georgian government has created tax-free zones for mining activities and electricity.84 Without a tax regime in place for mining, some Georgian lawmakers claim that Georgians are losing possible tax revenue. Iran Iran also has relatively cheap electricity making it attractive to mining operations. Iran’s electricity mix is dominated by natural gas. According to the U.S. Energy Information Administration, Iran is the third largest producer of dry natural gas in the world at nearly 9.5 trillion cubic feet (Tcf) in 2017 and most of it (6.9 Tcf) was consumed domestically.85 In addition, Iran subsidizes electricity produced from fossil fuels. According to International Energy Agency data from July 23, 2019, subsidies for electricity were valued at $16.6 billion in 2018.86 With energy subsidies, average electricity prices in Iran are reportedly around $0.006/kWh, far cheaper than even in China.87 Despite the low price of electricity in Iran, miners face other challenges, such as U.S. sanctions. The decentralized and pseudonymous nature of Bitcoin transactions may make financial sanctions imposed on governments and individuals difficult to enforce. However, Bitcoin transactions are publicly recorded on its digital ledger. According to the U.S. Department of the Treasury Under Secretary for Terrorism and Financial Intelligence, We are publishing digital currency addresses to identify illicit actors operating in the digital currency space. Treasury will aggressively pursue Iran and other rogue regimes attempting to exploit digital currencies and weaknesses in cyber and [Anti-Money Laundering and Countering the Financing of Terrorism] AML/CFT safeguards to further their nefarious objectives.88 Since the reintroduction of U.S. sanctions, the Iranian government has recognized a potential role for cryptocurrencies.89 In January 2019, the Central Bank of Iran presented a draft of new cryptocurrency regulation. Digital currencies, not backed by the Central Bank, will be restricted as a form of payment inside Iran. The draft framework, however, would authorize rial-backed cryptocurrency use, ICOs, mining, and other crypto-related activities.90 These draft regulations 84 Liz Alderman, “Despite Bitcoin’s Dive, a Former Soviet Republic Is Still Betting Big on It,” New York Times, January 22, 2019, https://www.nytimes.com/2019/01/22/business/georgia-bitcoin-blockchain-bitfury.html. 85 U.S. Energy Information Administration, Iran Analysis, database, available at https://www.eia.gov/beta/international/ analysis.php?iso=IRN. 86 Data frequently updates. International Energy Agency, “World Energy Outlook: Fossil-Fuel Subsidies,” website, available at https://www.iea.org/weo/energysubsidies/, accessed July 23, 2019. 87 Thomas Erdbrink, “How Bitcoin Could Help Iran Undermine U.S. Sanctions,” New York Times, January 29, 2019, https://www.nytimes.com/2019/01/29/world/middleeast/bitcoin-iran-sanctions.html. 88 U.S. Department of the Treasury, “Treasury Designates Iran-Based Financial Facilitators of Malicious Cyber Activity and for the First Time Identifies Associated Digital Currency Addresses,” press release, November 28, 2018, https://home.treasury.gov/news/press-releases/sm556. 89 For more on AML/CTF, sanctions, and Bitcoin, see CRS In Focus IF10825, Digital Currencies: Sanctions Evasion Risks, by Rebecca M. Nelson and Liana W. Rosen. 90 Maziar Motamedi, “Iran’s Central Bank Issues Draft Rules on Cryptocurrency,” Aljazeera, January 29, 2019, https://www.aljazeera.com/news/2019/01/iran-central-bank-issues-draft-rules-cryptocurrency-190129051653656.html. Congressional Research Service 16PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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