Ukraine Nabs Crypto Miners For $259K Electricity Theft

Ukraine Nabs Crypto Miners
  • Ukraine police recently found an illegal crypto mining farm.
  • The mining farm allegedly stole up to $259,000 worth of electricity from a power plant.
  • Also, authorities seized 1000s of mining devices including PS4 gaming consoles.

Police in Ukraine uncovered a crypto mining farm that was stealing electricity from Vinnytsia city, southwest of Kyiv. The crypto mining enterprise allegedly stole electricity worth $259,000 from the Vinnytsiaoblenergo power plant.  

In addition, police seized 1000s of mining devices like computers, gaming consoles, and graphic cards. As such, this is the largest crypto mining farm the Ukraine police have discovered to date. 

However, the police are still investigating and are yet to identify all the suspects. Along with this, the police are also looking into whether the power plant was involved in the illegal scheme. Plant officials have denied the claims saying that the crypto miners masked their energy use and accessed the plant offsite. In an official report, the power plant noted,

 “The equipment used for cryptocurrency mining has never operated on premises owned by our enterprise. We will not make excuses. Let the SBU figure out what has happened.”

Also, the crypto mining farm was found at a time when Ukraine is mulling over crypto regulations. The nation recently passed the first reading of a proposed bill on the legal status of cryptos. If passed the law could help provide basic rules for crypto use and service providers in the country. 

As crypto adoption has grown, more and more countries have started looking into tighter crypto regulation. In fact, top-ranking crypto exchange, Binance, has fallen victim to recent crypto clampdowns. So far, several countries have flagged Binance for non-regulatory compliance. The countries include the UK, the Cayman Islands, Japan, Thailand, and more.

Also, negative remarks made by Tesla CEO Elon Musk sparked a war on crypto mining. Musk noted that BTC mining was not ecofriendly, which fueled crypto mining bans in China.

However, unlike China, Ukraine is taking a more proactive attitude towards crypto mining regulation. At the moment, the country is setting up mining data centers powered by nuclear energy. Ukraine intends to launch the project by 2023.

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