Iran Gives Miners Back Stolen Crypto Mining Equipment

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Some of the equipment seized from unauthorized crypto mining farms has been released by an Iranian government agency in charge of state property.

Some of the mining equipment seized in raids on subterranean crypto farms has begun to be returned to miners by Iran’s Organization for Collection and Sale of State-Owned Property (OCSSOP).

The official went on to say that the Iran Power Generation, Transmission and Distribution Company (Tavanir) should present ideas for employing the mining equipment without endangering the national grid.

Iran allowed cryptocurrency mining in July 2019, but has since stopped permitted coin minting operations on many times, citing power shortages during the peak summer and winter electricity usage seasons.

The Ministry of Industries, Mining and Trade issues licenses and import permits to businesses who want to mine legitimately.

The Iran Standard Organization must authorize the equipment, and miners must pay for electricity at export rates.

Iran forbids the mining of cryptocurrencies using power or natural gas intended for other uses and customers.

However, as a result of evading the license that would have required them to pay the considerably higher prices, the number of underground mining installations using the less expensive, subsidized energy has been increasing.

The state-run Tavanir has been severing the power supply to any discovered unlawful mining operations over the past couple of years, seizing their machinery, and fining its operators for harm done to the national distribution network.

Tehran’s government authorized a comprehensive set of crypto legislation in August, and in September it began issuing licenses to mining companies in accordance with the new regulatory framework.

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