Following the 1979 Islamic Revolution, Washington imposed sanctions on Iran's financial institutions and the country's economy. Oil exports fell by 70%, leading to unemployment. To save the day and bypass sanctions, Iran started mining bitcoins.
For several years, the country's government has been encouraging people to mine: local residents can sell coins to banks, which in turn buy imported goods with them. Annually, Iranian miners consume 600 MW, which requires about 10 million barrels of oil. In this way, the republic sells its energy reserves on the world market.
