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Iran Returns Seized Crypto Mining Equipment for Miners – Mining Bitcoin News
A government agency responsible for state property in Iran has released some of the hardware seized from illegal crypto mining farms. Its top executive said the agency was required to do so by courts in the Islamic Republic, where unlicensed miners have been blamed for power outages. Authorities in Iran Return Seized Mining Rigs to Their Owners Iran's Organization for the Collection and Sale of State-Owned Property (OCSSOP) has begun returning to miners some of the mining rigs confiscated during raids on underground crypto farms. This was ordered by the Iranian courts, reported the English-language business newspaper Financial Tribune. The head of the organization,…
Iran Returns Seized Crypto Mining Equipment for Miners – Mining Bitcoin News
A government agency responsible for state property in Iran has released some of the hardware seized from illegal crypto mining farms. Its top executive said the agency was required to do so by courts in the Islamic Republic, where unlicensed miners have been blamed for power outages.
Authorities in Iran are returning seized mining rigs to their owners
Iran's Organization for the Collection and Sale of State-Owned Property (OCSSOP) has begun returning to miners some of the mining equipment seized during raids on underground crypto farms. This was ordered by the Iranian courts, reported the English-language business newspaper Financial Tribune.
According to the country's Ministry of Economy and Finance, the head of the organization, Abdolmajid Eshtehadi, stated:
Currently, around 150,000 [units of] crypto mining equipment is held by the OCSSOP, a large portion of which will be released following court rulings. Machines have already been returned.
The official further stated that Iran Power Generation, Transmission and Distribution Company (Tavanir) should submit proposals on how to use the mining hardware without damaging the national power grid.
Iran legalized cryptocurrency mining in July 2019 but has since done so stopped Authorized coin mintings several times, citing power outages in the summer and winter months when electricity consumption increases. It has also cracked down on Iranians mining outside the law.
Companies that want to mine legally must obtain licenses and import permits from the Ministry of Industry, Mining and Trade. The devices must be approved by the Iran Standard Organization and miners must pay for electricity at export rates.
Cryptominting using natural gas or electricity intended for other purposes and consumers is illegal in Iran. But the number of underground mining facilities running on the cheaper, subsidized energy is increasing, avoiding licensing that would force them to pay the much higher rates.
In recent years, state-owned Tavanir has cut off power to all identified illegal mining facilities, confiscated their equipment and fined their operators for damage to the national distribution network.
Since 2020, the utility has found and shut down 7,200 unauthorized crypto mining farms. It is in July 2022 praised to take strict action against unlicensed crypto miners who, according to previous estimates, had burned through 3.84 trillion riyals ($16.5 million) in subsidized electricity.
The release of the mining rigs comes despite a ban from the Attorney General's Office on such moves until Iran's parliament passes a law addressing the issue of illegal mining. In August the government in Tehran approved a set of comprehensive crypto regulations and launched in September Licensing Mining companies under the new regulatory framework.
Do you think the Iranian authorities will continue to return confiscated mining equipment to their owners? Tell us in the comments section below.
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