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Iran court clears the release of seized mining equipment

Iran

TL;DR Breakdown

  • Iran court orders release of seized mining machines
  • The regulator will release 150,000 equipment
  • Iran’s hash rate contribution jumps to 0.2%

A court in Iran has ordered the release of a large cache of seized equipment. Regulatory authorities have held a massive amount of mining equipment in Iran as part of the country’s move to reduce the load on its energy grid. According to authorities, the move was embarked upon to enable a stable grid during winter.

The regulator will release 150,000 equipment

Across last year, the regulatory body in charge of that aspect, OCSSOP, had seized most of the mining equipment it laid hands on. During the time, the body seized both the legal and illegal equipment to curb the issue of loss of power in Iran. The body considered some metrics during the winter and announced the release of some of the equipment.

A top member of the ruling class confirmed to reporters that about 150,000 equipment currently in the confines of the regulatory body would be released to its owners in the coming days. The executive said some equipment had been returned before the ruling was announced. However, the executive stressed that the machines being sent back to their owners might constitute severe problems for the energy grid in the coming months.

Iran’s hash rate contribution jumps to 0.2%

With this new update, there have been calls to the transmission company in Iran to look for measures that will help stabilize the national grid. There are also pleas to help them devise ways of ensuring that the released equipment strain on the grid won’t be noticeable. In June, Iran announced that it would remove legal miners from its power grid. This was due to the increased consumption of electricity around the period.

During the period, Iran represented about 0.12% of the total Bitcoin hash rate, with the company improving to close to 0.2% in recent weeks. The energy issues in the country have been evident judging by the fines and laws put in place for miners using reduced energy prices to mine digital assets like Bitcoin.

On the other hand, Oman has employed help from a company based in the US to reduce the burning of gas which helps in the extraction of oil. The company has plans to set up a branch in the city of Muscat to help the country concentrate the burned gas into power that mining computers use. With this move, Oman is on its way to riding the country off any gas flaring in the next seven years.

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Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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