China-based Lubian.com Boasts the Largest Compliant Bitcoin Mining Farm in Iran
Bitcoin mining sphere was shocked when Lubian.com, a little-known bitcoin mining pool, was ranked the 6th largest pool on BTC.com, controlling almost 6% of the network’s computing power on May 13, 2020.
Though the Chinese slogan “Lubian.com: the safest high-yield crypto mining farm in the world” was printed on its website shows the mining farm is dominated by Chinese miners. However, no one expected that Lubian.com would go to the Middle East’s Iran, or even take root in this crypto mining paradise.
In Iran, more than 85% of electricity is produced by natural gas. As the largest natural gas producer in the world, the natural gas resources here are inexhaustible and almost free. At the same time, the Iranian government’s large amount of electricity subsidies to local enterprises also reduced the cost of electricity. Compared with the electricity price of more than 30 cents in China, electricity charge of less than 10 cents in Iran undoubtedly has great attraction to the crypto miners.
But building crypto mining farm in Iran is not easy as customs contacts, government relations and power plant resources are indispensable, while these are the advantages of Lubian.com.
“We have our own customs clearance channels as we have the experience of establishing the logistics company. And we have good local resources in Iran, and we have maintained good relations with the Ministry of energy, the Ministry of foreign affairs, and even the army in Iran. “
Said Liu Ping, one of the cofounders of Lubian.com, their group cooperates with a local private power plant, whose investors are Chinese and Iranians, the plant generates electricity by burning waste and energy. The crypto mining farm is set up inside the power plant and built by containers. At the same time, the power plant also directly participates in the operation of the mining farm and will get part of the mining share. Liu Ping added that Lubian is the largest one among the compliant crypto mining farms in Iran.
“Compared with traditional industries, crypto mining is a profitable business. Apart from the mining pool business, at present, there is no other crypto financial service business conducted by Lubain.com. At present, their purpose is only mining and accumulating Bitcoin.”
Said Liu Ping, there are four partner shareholders of Lubian.com, who control all the computing power, and they never participate in any activities in the crypto space.
In addition to a self-built mining farm in Iran, Lubian also hosts some machines in farms in China’s Sichuan province. According to observation, the computing power of Lubain is also gradually declining. By August 11, its total computing power is about 4500P, listed as the 11th on the list of BTC.com.