Iran Court Releases Crypto Mining Equipment

Due to the heavy winter load on Iran’s energy networks the Iranian government took a large number of cryptocurrency mining machines over the past two years. The court granted permission to release the crypto-mining equipment previously seized as part of an effort to decrease energy use.

The Organization for the Collection and Sale of State-Owned Property in Iran (OCSSOP), has started confiscating mining equipment from Iran as of 2021. This is due to the looming threat of a power crisis.

In the middle of winter, the authorities decided to change their minds and order the release of objects taken earlier in the season.

Eshtehadi was also concerned about the potential impact of the newly released mining equipment on the country’s electrical grids.

Iran’s energy consumption reached an all-time peak of 62,500 megawatts (MW) during peak demands. The nation will be forced to shut down power supplies to legal mining companies in June 2022. Peak demand has reached an all time high.

Iran’s energy problems become clearer when you consider a recently passed law that imposes an unlicensed tax on cryptocurrency mining power. It is illegal to mine cryptocurrencies with subsidized power.

Crusoe Energy, with its headquarters in Denver has, on the other hand, set itself the goal of helping Oman, a Middle East nation that is rich in natural gas, to reduce the amount of gas being flared. Flaring gas refers to the burning natural gas associated with oil production.

Crusoe Energy announced that it will start a prototype in Muscat, Oman to repurpose gas flaring energy to power mining computers. 

Oman’s goal is to eliminate or significantly reduce flaring gas use by 2030.

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