Iran Returns Confiscated Crypto Mining Hardware After Courts Ruling

  • Tavanir, a state-owned utility, has been disconnecting electricity to illicit mining sites.
  • Licenses and import permissions for mining may be obtained from the Ministry.

The Iranian government’s OCSSOP is giving back some of the mining hardware it confiscated during raids on underground cryptocurrency operations. According to the Financial Tribune, the Iranian courts issued the ruling.

The country’s Ministry of Economic Affairs and Finance cited the organization’s chairman, Abdolmajid Eshtehadi as saying:

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

The official went on to say that Iran’s Power Generation, Transmission, and Distribution Company (Tavanir) should provide suggestions for utilizing the mining equipment safely around the national grid.

Going Hard After Illegal Mining

Despite the fact that cryptocurrency mining was made legal in Iran in July 2019. The government has repeatedly suspended permitted coin-minting activities due to power constraints throughout the peak summer and winter months. Moreover, it has been stricter with illegal mining by Iranians.

Licenses and import permissions may be obtained from the Ministry of Industries, Mining, and Trade by mining companies. Miners are also expected to pay export prices for power. And their equipment must be certified by the Iran Standard Organization.

In Iran, crypto mining is prohibited when resources like natural gas or consumer-grade electricity are used for the activity. However, underground mining installations using discounted electricity are increasing in number since they are able to circumvent licensing that would require them to pay considerably higher bills.

Over the last several years, Tavanir, a state-owned utility, has been disconnecting electricity to illicit mining sites, seizing their equipment, and fining their operators for damage to the national distribution network.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.