Financial Tribune - head of Iran Blockchain Community says imposing high tariffs on electricity consumption by cryptocurrency mining is actually pushing miners out of Iran and into neighboring countries waiting with open arms.

Describing the government’s decision as “self-immolation”, Sepehr Mohammadi said a large number of crypto investors have moved to Russia, Georgia and Armenia.

“Each kilowatt-hour currently costs 2 cent for cryptocurrency miners in Kazakhstan, Turkmenistan, Russia and Georgia,” Fars News Agency quoted him as saying.