According to the reports from Persian Telegram group 25 % out of a total of 1650 surveyed Iranian bitcoiners earned $500 to $3000 a month working with cryptocurrency according to the survey conducted by Gate Trade, an analytics firm. The data about Iranian bitcoiners reveals the inside picture of the Iranian bitcoin community. According to the response Gate Trade an analytic firm carried out more than a third of the survey Iranian bitcoiners earned income via mining, while 60 percent of the Iranian bitcoiners earned monthly income through trading both the channels. Both the channels include trading through the exchange and also through the grass root network of local money lenders dealing in rial also responsible for infusing liquidity into the system. The survey also indicated a strong upward growth of the Iranian mining industry. As the global cryptocurrency is gaining major influence in the world the Iranian community is not far behind as people have shown interest in the bitcoin industry.

Image source: www.coindesk.com

The Iranian crypto market is shifting its focus from global exchange platforms to local exchanges. This sudden change is because most centralized exchanges with know-your-customer (KYC) compliance exclude Iranians. Around 83 percent of survey respondents said the community needed more robust access to exchanges in order to grow as shown by the survey conducted by analytics firm Gate Trade. In the meantime, a Gate Trade spokesperson told CoinDesk that many Iranians are using VPNs and purchasing foreign ID cards on the black market to circumnavigate discrimination. According to Jimmy Song a bitcoin developer and educator that the trend is gaining momentum from around the world be it in Asia or the Middle East or in Africa. What Jimmy Song wants is to let bitcoin and other cryptocurrency be used as an medium of exchange and let people accumulate capital and earn money from it.

Source: Coin Desk


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