The Bitcoin industry in Iran generates 1 billion USD annually.
According to data from blockchain analysis firm Elliptic, with the current mining levels, Iran's Bitcoin production will generate nearly 1 billion USD in revenue annually.
Reuters cites a recent study by Elliptic showing that about 4.5% of all Bitcoin mining activities take place in Iran, allowing the country to earn hundreds of millions of USD in cryptocurrency to purchase imported goods, mitigating the impact of U.S. sanctions.
In recent years, the U.S. has imposed nearly comprehensive economic sanctions on Iran, including a ban on products from its oil, banking, and shipping sectors.
Although specific figures could not be determined, Elliptic provided estimates based on data collected from the Cambridge Centre for Alternative Finance (CCAF) up to April 2025, along with statements from Iran's state electricity production company. In January of this year, they announced that the amount of electricity consumed by Bitcoin mining in the country reached 600 MW. The Central Bank of Iran prohibits the trading of cryptocurrency mined abroad. However, Iran has recognized cryptocurrency mining as an industry, providing cheap energy for miners and requiring miners to sell mined Bitcoin to the central bank. Bitcoin still appears widely on the black market in Iran. Cheap electricity has attracted many miners from countries like China to this nation. Tehran allows the use of cryptocurrency to pay for authorized imported goods. The research indicates: 'Iran has realized that Bitcoin mining is an opportunity for a heavily sanctioned economy that is cash-strapped but has an abundance of oil and natural gas.'
According to research, Iranian miners need about 10 million barrels of crude oil each year to mine Bitcoin, accounting for about 4% of Iran's total oil exports by 2025. The study further states: 'Therefore, the Iranian state is effectively selling its energy reserves on the global market, using the Bitcoin mining process to circumvent trade sanctions.' Elliptic believes: 'Bitcoin miners in Iran pay directly in Bitcoin to purchase imported goods, allowing them to circumvent U.S. sanctions on Iranian financial institutions.'
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