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Bitcoin, Blockchain, and the Energy Sector and the possible negative consequences from the United States may keep some miners from relocating to Iran, despite the low cost of electricity.91 Iranian state media reported that Tadvin Electricity Company saw an increase in energy demand of 7% due to cryptocurrency mining activities in June 2018. In response, Iran’s Power Ministry is reportedly considering enforcing special tariffs on cryptocurrency miners.92 The Iranian Cabinet reportedly ratified a bill in August 2019 that introduces new rules for the cryptocurrency market in Iran. The regulations reportedly stipulate that mining cryptocurrencies would be allowed in Iran if certain conditions are met. Conditions reportedly include receiving approval from Iran’s Ministry of Industry and conducting mining activities outside of provincial centers (with exceptions for Tehran and Esfahan where additional restrictions may apply).93 Blockchain Technology Potential for the Energy Sector Blockchain is a method of quickly validating transactions and of record keeping for large quantities of data. Some blockchains and cryptocurrencies do not operate through a decentralized, permission-less network like Bitcoin.94 Within the energy sector, a number of opportunities for blockchain technology have been proposed.95 These opportunities include smart contracts,96 distributed energy resource record keeping, and ownership records. One of the more easily transferrable options for blockchain is trading Renewable Energy Credits (RECs). Using blockchain to trade RECs could provide customers the ability to purchase RECs without the need for a centralized entity to verify transactions. In October 2018, a subsidiary of the PJM Interconnection LLC—a regional transmission organization that operates an electric transmission system serving part of the Eastern Interconnection electricity grid97—announced plans for testing blockchain technology to trade RECs.98 91 Wolfie Zhao, “Cheap Power Is Luring Battered Bitcoin Miners to Iran,” Coindesk, December 12, 2018, https://www.coindesk.com/cheap-power-lures-crypto-miners-to-iran-but-its-not-as-easy-as-it-sounds. 92 Golnar Motevalli, “Bitcoin Mining Puts Pressure on Iran’s Power Grids,” Bloomberg, June 28, 2019, https://www.bloombergquint.com/onweb/bitcoin-mining-craze-on-subsidized-power-pressures-iran-s-grids. 93 Daniel Palmer, “Iran’s Cabinet Ratifies Bill Recognizing Cryptocurrencies and Mining,” Coindesk, August 5, 2019, https://www.coindesk.com/irans-cabinet-ratifies-bill-recognizing-cryptocurrencies-and-mining. 94 For example, JP Morgan announced the first U.S. bank-backed, blockchain-enabled digital currency. JP Morgan’s virtual currency is designed for a permissioned network to allow faster transfers between JP Morgan’s large institutional clients. Hugh Son, “JP Morgan Is Rolling Out the First U.S. Bank-Backed Cryptocurrency to Transform Payments Business,” CNBC, February 14, 2019, https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first- us-bank-backed-cryptocurrency-to-transform-payments—.html. 95 DOE has announced several research and development grants for blockchain; for example, see Small Business Innovation Research and Small Business Technology Transfer, “Awardees 2018,” accessed July 29, 2019, https://www.energy.gov/eere/solar/solar-topics-small-business-innovation-research-and-small-business-technology- transfer. 96 Smart contracts or self-executing contracts enable the exchange of money, property, or something of value in a transparent manner without the services of a third party. 97 The U.S. electricity grid consists of local grids interconnected together to form a network, one of which is the Eastern Interconnection. The Eastern Interconnection covers the United States east of the Rocky Mountains, including a portion of Texas. See U.S. Energy Information Administration, “U.S. Electric System Is Made Up of Interconnections and Balancing Authorities,” Today in Energy, July 20, 2016, https://www.eia.gov/todayinenergy/detail.php?id=27152. 98 William Driscoll, “PJM Subsidiary to Test Blockchain for Trading RECs,” PV Magazine, October 25, 2018, Congressional Research Service 17PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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