Monday, July 22, 2024

Iran Court Releases Crypto Mining Equipment

Because of the burden that winter puts on the nation’s energy networks, the Iranian government has seized a significant number of cryptocurrency mining equipment over the course of the last two years. The order to release crypto-mining equipment that had been seized in the past as part of an endeavor to decrease the amount of energy used very recently came down from a court.

As of the year 2021, Iran’s Organization for the Collection and Sale of State-Owned Property (OCSSOP) has begun confiscating mining equipment, whether it be permitted or illegal, due to the looming danger of a power crisis.

The authorities had a change of heart in the midst of winter and made the decision to order the release of the objects that had been taken earlier in the season.

On the other hand, Eshtehadi was worried that the newly liberated mining equipment may place further burden on the nation’s electrical networks.

Because Iran’s energy consumption has reached an all-time high of 62,500 megawatts (MW) during peak demand, the nation will have no alternative but to cut off the power supply to lawful mining enterprises in June 2022. This is because peak demand has reached an all-time high.

When one takes into consideration recently passed law that imposes a tax for the unauthorized use of subsidized power in cryptocurrency mining, Iran’s energy woes become plainly obvious. This legislation makes it illegal to mine cryptocurrencies using subsidized electricity.

In contrast hand, Crusoe Energy, which has its headquarters in Denver, has set itself the objective of assisting Oman, a gas-rich nation in the Middle East, in cutting down on the quantity of gas that is flared. Flaring gas is a term that refers to the burning of natural gas that is associated with the production of oil.

Crusoe Energy has disclosed that it plans to start a prototype project in Muscat, Oman, in order to repurpose the energy from gas flaring in order to power mining computers. 

By the year 2030, the nation of Oman aims to significantly cut down on or completely do away with the practice of flaring gas.

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