Attention is drawn to Iran as Chinese cryptocurrency miners build closer relationships and migrate facilities
By Tyler Smith – Cryptocurrency Broker
Amid recent months, crypto supporters have drawn their attention toward Iran. The Iranian President, Hassan Rouhani, launched an innovative cryptocurrency mining initiative last May, as the government registered and licensed 14 Bitcoin mining facilities in July. One of these mining farms is, according to Lubian, managed by the mining corporation themselves.
Referred to as the ‘Bitcoin Mining Map’, The Cambridge Bitcoin Electricity Consumption Index sets out to breakdown numerous cryptocurrency trading statistics, including the global dispersal of geographical mining hashrates. According to this register, Iran is sixth in terms of the nation’s hashrate when compared to the rest of the world.
Alongside Iran, China represents a substantial sector of the buying and selling Bitcoin market, contributing a huge volume of hashing power. Chinese miners also have a close relationship with Iran and, as News.Bitcoin.com reported earlier in 2019, Chinese mining companies have been migrating to the oil-rich nation for more economical electricity costs.
Lubian, in comparison to the rest of the industry, is a relatively new mining program and was calculated as being the sixth most powerful cryptocurrency mining operation when considering its hash rate output. Currently, it represents approximately 3% of the global hashrate as they now list at number 11. Alternative mining pools and other similar giant mining platforms include F2pool, Antpool and Poolin. According to executives, Lubian also offers Bitcoin (BTC), alongside traditional payments as options for their energy companies.
Lubian was founded by Liu Ping, who notes the partnerships between Iranian power facilities and investors. He addressed their lack of problems with Iranian clearance in comparison to the Chinese. He adds how ‘profitable’ the business and industry is, while acknowledging that ‘there is no other crypto financial service’ provided by Lubian other than their mining facilities.
You can Buy and Sell Bitcoin with BC Bitcoin 7 Days a week. Contact us today to get the best market rate, or speak with a member of our team to learn more about how to buy Bitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards