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Iranian authorities have seized a number of cryptocurrency mining equipment over the past two years, citing stress on the energy grid during the winter months. Now the court has ordered the release of previously seized cryptocurrency mining equipment as a means to conserve energy.
Since 2021, Iran’s Organization for the Collection and Sale of State Property (OCSSOP) has seized both licensed and unlicensed mining equipment over concerns of an impending power shortage. However, the authorities had a change of heart in mid-winter and ordered the release of the foreclosure. Abdulmajid Eshtehadi, Iran’s Minister of Economy and Finance, explained:
“Roughly 150,000 cryptocurrency mining equipment is currently held by OCSSOP, most of which will be released pursuant to a judicial ruling. The machines have already been returned.”
However, Eshtehadi believed the recently released mining equipment could add stress to the country’s energy grid. Suggested that a hardware usage plan should be proposed to avoid undue stress.
In June 2022, Iran’s electricity consumption peaked at a record 62,500 megawatts (MW), prompting Iran to cut power supplies to legitimate mining companies. At the time, Iran accounted for her 0.12% of the global Bitcoin (BTC) hashrate, but now he has increased to 0.2%, as shown in the graph above.
Iran’s energy concerns come to light in light of recent laws that fine the illegal use of subsidized energy in cryptocurrency mining.
Related: Iran Importers Association Demands Regulatory Clarity for Using Cryptos in Foreign Trade
Conversely, Denver-based Crusoe Energy aims to help Oman, a Middle Eastern country rich in natural gas, reduce gas flaring, the burning of natural gas associated with oil extraction. .
Crusoe Energy has announced plans to start a pilot project in Muscat, Oman to reuse gas flare energy to power mining computers. This initiative supports Oman’s goal of zero gas flaring by 2030.
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