A recent judicial ruling by the Iranian court directed the Organization for Collection and Sale of State-Owned Property (OCSSOP) to release the crypto mining equipment seized to conserve energy.
Factors Fueling the Seizure
The ruling identified that the Iranian authority should allow access to the mining equipment to the owners. OCSSOP facilitated the seizure two years ago to save energy during the winter. OCSSOP cited energy concerns in 2021 to start seizing crypto mining equipment.
The declaration sought to relieve stress imposed on energy grids by authorized and unauthorized mining equipment. Although seized following power shortage concerns, the Iranian court directed the authorities to release the seizure to owners.
Compliance with Court Orders to Release Seized Mining Equipment
Explaining the change of heart, Abdolmajid Eshtehadi acknowledged that the Economic Affairs and Finance ministry would comply with the ruling to return the crypto mining equipment that constitutes part of the seizure by the OCSSOP. The head of the ministry confirmed that OCSSOP had already returned the machine.
Nonetheless, Eshtehadi confessed that releasing the mining equipment would strain Iran’s energy grids. He challenged the Generation and Transmission Company of Iran (TAVANIR) to formulate plans to prevent the hardware from causing undue stress on the existing energy grid system.
Mid-last year, TAVANIR announced the suspension of supplying power to legal mining as the electricity consumption exceeded 62500 MW during peak consumption. By June 2022, the Middle East country accounted for 0.12% of the Bitcoin held globally. Today, the country is set for an increased bitcoin hash rate estimated to exceed 2%.
Addressing Energy Crisis
The energy crisis confronting Iran became apparent following the approval of laws that impose hefty fines for crypto miners utilizing subsidized energy.
Elsewhere in the region, Crusoe Energy confirmed its devotion to facilitating Oman to minimize gas flaring. The Denver-based energy company portrays gas flaring as suitable to power cryptos mining,
As such, Crusoe Energy is planning to initiate a Muscat pilot project to allow Oman to reroute its gas flaring toward powering crypto-mining computers. It observed that implementing the initiative will expedite the accomplishment of Oman’s 2030 vision of zero-gas flaring.
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