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Iran will release seized crypto mining equipment

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Iran will release seized crypto mining equipment 4

The Iranian government authorities have been ordered to release the crypto mining equipment which was seized by them between 2021 to 2022.

Iran is known for its crypto & blockchain technology adoptive nature. In the past many years, the majority of the crypto mining operations shifted their business to Iran but between 2021 to 2022 the situation changed drastically. In that time frame, the country’s electricity lines faced huge consumption loads. To overcome that situation. The Iranian government authorities ordered all the Crypto mining companies to shut down their activities so that the country can fulfil the need for basic electricity consumption but still many Crypto miners were not following the orders. In response to the order violations, the Iranian Organization for Collection and Sale of State-Owned Property (OCSSOP) seized huge numbers of Crypto mining equipment from unauthorised crypto miners & also from authorised crypto mining activities. 

Recently a court ruling ordered the Iranian government authorities to return the Crypto mining equipment to the Crypto miners back, which was seized as a measure to conserve energy. 

Abdolmajid Eshtehadi, the head of Iran’s Ministry of Economic Affairs and Finance, also confirmed that OCSSOP will release a big number of the seized mining equipment.

Abdolmajid Eshtehadi said:

“Currently some 150,000 crypto mining equipment is held by the OCSSOP, a large part of which will be released following judicial rulings. Machines have already been returned.”

Perhaps, it is a court order & Iranian authorities are forced to follow the order but still, Abdolmajid thinks that it will not be a better decision because it will again cause a very big stress on the nation’s grid system. He also suggested a systematic plan, so that Crypto mining activities could be done without stress on the grid. 

Read also: XRP lawsuit wasn’t about securities laws, says US attorney John Deaton

Iran will release seized crypto mining equipment

 

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