Iran turns to cryptocurrency to bypass sanctions
Iran has increasingly used cryptocurrency, especially Bitcoin, to pay for foreign equipment, fuel, and military components. The legalization of Bitcoin mining in 2019 transformed the digital currency into a resilient payment network beyond the reach of sanctions.
Experts estimate that the cost of mining one Bitcoin in Iran is around $1,300, while the market price hovers near $73,000. This creates a profit margin of about $71,700 per coin. This strategy helps Iran circumvent financial restrictions and maintain key sectors of its economy.
Looking ahead, Iran may expand its cryptocurrency mining operations to further reduce the impact of sanctions on its economy.
