One of the local newspaper agencies in Iran has recently published an update about the cryptocurrency mining industry.
According to the report published by the agency, the cryptocurrency mining firms in Iran will be getting their mining equipment back.
OCSSOP Ordered to Returned the Mining Equipment
The latest reports suggest that the cryptocurrency mining firms that had their mining equipment confiscated by the authorities will be getting them back.
The equipment had been confiscated by the authorities as a result of the raids carried out against the mining farms.
The report confirmed that it was the underground crypto firms who had their equipment confiscated by the authorities.
The firms authorized by the government of Iran are free to carry out their mining activities as per the regulatory guidelines.
The report adds that the OCSSOP has been ordered by the Iranian courts to ensure that the equipment is returned to the rightful owners/companies.
The OCSSOP is the organization that is responsible for the sale and collection of properties owned by the Iranian State.
Abdolmajid Eshtehadi, the head of the OCSSOP has confirmed that they have received the orders from the court and will be complying with them accordingly.
Crypto Mining Equipment Confiscated by the Authorities
Eshtehadi has confirmed that following the raids, they confiscated a tremendous number of equipment for crypto-mining purposes.
He has confirmed that they currently have a total of 150,000 units of cryptocurrency mining equipment in their possession.
They are planning to release a major portion of these units among the firms they had raided. They are waiting for more rulings from the judiciary so they can proceed accordingly.
They confirmed that they have already returned many machines to their rightful owners.
A Good News for the Mining Firms
It seems that Iran has realized the importance of having the cryptocurrency mining industry in place. They want to benefit from the industry as much as possible.
Thus, they have decided not to take any action against the owners and the operators of the underground mining firms.
Eshtehadi stated that their focus is to accommodate as many mining facilities as possible. The country took action against the mining farms because they were facing major issues with energy.
The energy deficiency was enormous and they had to do something in order to deal with the situation. Now, the entire focus is on increasing the power generation to accommodate the mining firms.
They want to ensure that the mining industry thrives in the country. For this purpose, they have already asked Tavanir to come up with a proposal that would allow them to increase power generation.
They have to make sure that the mining firms are accommodated and that they continue to run their operations without any interruptions.
Tavanir is the power company of Iran that is responsible for the generation of energy, and its transmission, and also ensures its smart distribution.
They have to come up with a smart idea of increasing the power generation that would allow them to provide energy to the mining firms.
However, the main goal is to ensure that the national power grid is not damaged.
Iran Wants to Go All-Out in Crypto Mining
Cryptocurrency mining was banned in Iran until the country unbanned it back in July 2019. Since then, the mining industry has continued growing in the country.
By letting the mining industry grow bigger, Iran has been able to circumvent many sanctions that the US has imposed on the country since 2015.
As mining was authorized in Iran, the country was clear that the mining firms have to be authorized by the regulators before running their operations.
While many mining firms acquired authorized, many mining farms started to operate illegally. As a result, the country started to face an energy crisis.
Even the largest cities in Iran had to face major blackouts and the country was forced to use inferior-quality energy to meet the increasing demand.
This is when the authorities were ordered to raid the farms and confiscate the mining equipment.