Chain News Daily Official TheBitTimes.com

Iran’s and China’s oil trade is actually shifting quite rapidly right now as new US sanctions and also OPEC production cuts are reshaping global energy markets. At the time of writing, with China oil imports changing dramatically and also fresh US oil sanctions taking effect, multiple factors are sort of converging that might push oil prices in unexpected directions during May 2025. Also Read: Scope Issues Downgrade Alert as U.S. Dollar Sees Worst Drop in 50 Yrs Iran–China Oil Trade, OPEC Cuts, and Sanctions Driving May Prices Source: Watcher Guru New US Sanctions Target Chinese Importers The Trump administration has just issued new sanctions targeting Iran’s oil exports, including a China-based “teapot” oil refinery. This move comes as oil prices were already showing some upward momentum in recent weeks. Brent crude futures rose 0.5% to $66.19 per barrel, while US West Texas Intermediate crude increased 0.7% to $62.91. Both benchmarks actually settled 2% h...

According to the report, Europe is home to nine out of the ten least profitable countries for Bitcoin production, determined by household electricity costs. There is a significant worldwide contrast in household electricity expenses for individual Bitcoin (BTC) miners. While producing one Bitcoin in Italy costs $208,500, in Lebanon, it’s roughly 783 times cheaper , according to a recent report. Published on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five.  However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs.  “The average household electricity cost to mine one Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08),” the report stated. The report identified Italy as the costliest country for household Bitcoin product...

The Central Bank of Iran is considering developing a stablecoin with the Russian Federation as a means of payment in international commercial transactions. The development was revealed by Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain. Russia and Iran are both on the list of countries sanctioned by western powers. Brazhnikov suggested that the currency will be pegged to gold. The prospective currency would function in Astrakhan’s special economic zone, where Russia has started to allow Iran ian goods. Duma deputy Anton Tkachev acknowledged the existence of the talks. Moreover, Tkachev is a member of The Committee on Information Policy, Information Technology, and Communications. However, Tkachev said the discussion would enter the state level when the crypto industry is fully regulated. The regulation of cryptocurrencies should see the light of day in 2023. Russia and Iran join hands in crypto Russia does not...