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Illegal crypto-mining

Illegal crypto-mining farms are being shut down by Russia, Ukraine

Illegal crypto-mining farms are being shut down by the Russian and Ukrainian governments. The underground farms have been discovered around the capital cities, Moscow and Kyiv, as well as in the Russian republic of Dagestan.

Crypto mining is one of the profitable fields these days after the big player, China, went out of the game a few months earlier. China was contributing 65% to the total mining power. After the crackdown of China, mining became more profitable. This gap was filled by stealth miners who didn’t reveal their identity. A lot of these do illegal crypto-mining. These miners put a lot of burden on the national grid of countries and don’t pay.

Illegal crypto-mining

Illegal crypto-mining farms are being shut down:

A recent crackdown by Russian law enforcement and customs agents has uncovered the theft of a large amount of electricity from the network in Moscow. The officials have revealed that these illegally operated forms were consuming power worth 500,000 rubles a day. They further explained by saying:

An audit revealed an unauthorized connection to the power grid, theft of electricity, and illegal seizure of land for the operation of equipment designed to perform cryptographic calculations related to the mining of digital currencies.

The authorities have also busted two illegal crypto mining forms in the Dagestan. These two forms have caused the damages of an estimated 1 million rubles. Another mining farm operated illegally in the Botlikh district has also stolen power worth 257,000 rubles. The Security Service of Ukraine has revealed that they have discovered an underground mining facility in the Kyiv Oblast.

They have allegedly used electrical energy worth 3.5 million hryvnias (more than $128,000). This ongoing crackdown might impact the hashrate of the crypto assets. In my opinion, there must a strict action against these miners for stealing the power from the national grid of these countries. illegal crypto-mining must be stopped.

Read more here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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