Iran Returns Seized Crypto Mining Equipment to Miners – Mining Bitcoin News

[ad_1]

A government body responsible for state ownership in Iran has released some of the material seized from illegal crypto mining operations. Its top leader explained that the agency was compelled to do so by courts in the Islamic Republic, where unlicensed miners have been charged with blackouts.

Iranian authorities return confiscated mining rigs to their owners

The Iranian Organization for the Collection and Sale of State-Owned Assets (OCSSOP) has started returning to miners some of the mining devices seized during raids on underground crypto farms. Iranian courts ordered him to do so, the English-language business daily Financial Tribune reported.

Quoted by the country’s Ministry of Economic Affairs and Finance, the head of the organization, Abdolmajid Eshtehadi, detailed:

Currently, some 150,000 [units of] The crypto-mining equipment is owned by the OCSSOP, much of which will be released following court rulings. The machines have already been returned.

The official further clarified that Iran’s Electricity Generation, Transmission and Distribution Company (Tavanir) should come up with proposals on how to use the mining equipment without damaging the national grid.

Iran legalized cryptocurrency mining in July 2019, but has since halted authorized coin-minting operations on several occasions, citing power shortages during the summer and winter months when consumption electricity increases. He also cracked down on Iranian mining outside the law.

Companies wishing to operate legally are required to obtain import licenses and permits from the Ministry of Industry, Mines and Trade. Appliances must be approved by the Iran Standard Organization and miners are required to pay electricity at export rates.

Minting crypto using natural gas or electricity for other purposes and other consumers is illegal in Iran. But underground mining facilities powered by cheap, subsidized power have proliferated, avoiding licenses that would require them to pay much higher tariffs.

Over the past two years, state-owned Tavanir has cut power to all identified illegal mining facilities, confiscating their equipment and fining their operators for damage to the national distribution grid.

Since 2020, the utility has found and shut down 7,200 unauthorized crypto-mining farms. In July 2022, he pledged to take tough action against unlicensed crypto miners who had previously been estimated to have burned 3.84 trillion rials ($16.5 million) in subsidized electricity.

The release of the mining rigs comes despite the attorney general’s office banning such moves until Iran’s parliament passes legislation addressing the issue of illegal mining. In August, the Tehran government approved a set of comprehensive crypto regulations, and in September began licensing mining companies under the new regulatory framework.

Tags in this story confiscation, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Iran, Iranian, Miners, mining, Mining devices, mining equipment, mining farms, mining equipment, mining machinery, Mining Rigs, Back, Seizure, Tavanir

Do you think the Iranian authorities will continue to return confiscated mining machines to their owners? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: Being a writer is who I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]