Ukraine closes illegal mining farm with 150 oil rigs – mining Bitcoin News
Law enforcement agencies in Ukraine have shut down a cryptocurrency mining farm that minted digital coins using stolen electricity. The facility had more than 150 mining platforms that were raided in. were confiscated Chernihiv region.
Authorities in Ukraine seize over 150 ASICs from Crypto Mining Farm
The Security Service of Ukraine (SBU) has uncovered and closed an illegally operated crypto farm in Chernihiv Oblast in the north of the country. The unknown owners had illegally connected the system to a substation of the regional power grid, reported Forklog.
The mining farm had 150 ASICs running on stolen electricity. They were seized by SBU agents along with other auxiliary equipment during a search. The mining hardware was installed in rented warehouses and burned energy for an estimated 3 million Ukrainian hryvnia, or nearly $ 110,000, in just two months.
According to the law enforcement agency, the substation to which the miners were connected supplies the rescue service in Nischyn, the city water supply company and other important facilities with electricity. Part of the region could have been left without electricity, SBU noted, stating that the mining arm could have caused emergencies and supply disruptions.
The operators of the illegal mining facility reportedly tried to hide the theft from the local utility by installing special equipment that enabled them to lower the meter readings. The investigation into the case is ongoing.
Earlier busts, crypto regulation in Ukraine still undecided
The Ukrainian security service has been quite active in the crypto space lately and this is not the first mining operation targeted this year. At the beginning of June, the SGE found a crypto farm illegally connected to the power grid in Dnepropetrovsk Oblast. Agents seized 350 mining rigs, which consumed over $ 70,000 worth of unpaid electricity in three months, according to a press release.
Cryptocurrencies have yet to be regulated in Ukraine, a country that is one of the world’s leading users. However, the authorities in Kiev are still pondering the right regulations for the growing industry.
An updated draft law “On Virtual Assets” was recently presented by Parliament’s Digital Transformation Committee. It was supposed to be adopted this summer, but financial regulators, including the National Bank of Ukraine, have insisted on further revisions to the draft.
What future do you expect for cryptocurrency mining in Ukraine? Let us know in the comments section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
source https://bidsfor.me/ukraine-closes-illegal-mining-farm-with-150-oil-rigs-mining-bitcoin-news/
Comments
Post a Comment