Iran Turns to Cryptocurrency Amid Economic Sanctions

Iran's use of cryptocurrency has become a significant tool for circumventing economic sanctions and facilitating international financial transactions.

The country has been able to leverage its access to cheap, subsidized electricity to mine Bitcoin at a lower cost than most countries, generating revenue despite being disconnected from the global banking system.

According to analysts, Iran's heavily subsidized electricity prices significantly reduce the cost of producing new bitcoins, resulting in a potential 50-fold return on investment.