Busting illegal cryptocurrency mining is now a major task for many countries with an unregulated cryptocurrency industry. The mining of cryptocurrency has become now a child’s play. Anyone can mine cryptos, provided the necessary equipment and sufficient power supply. And so, illegal mining is widespread in many countries.
Busting of the Illegal Mine
Ukraine is one of the fastest developers in adopting cryptocurrency. Yet, proper regulations for the cryptocurrency industry are yet to prevail.
Authorities from the Security Service of Ukraine (SBU) busted out a cryptocurrency mining farm in Chernihiv Oblast, located in northern Ukraine. This particular mining farm has been operating illegally. Moreover, the epic point was stealing the electricity for the mining from a nearby transformer in a sub-power station.
There were about 150 cryptocurrency mining rigs, Application Specific Integrated Circuits (ASIC) on the farm. All these have been running for a period of more than 2 months. On the other hand, the total value of electricity used illegally by the mine accounts for 3 million Ukraine money, which is about $110,000.
The owners of the illegal mining farm are yet to be known. However, the entire crypto mining farm warehouse was shut down by the officials from the Security Service of Ukraine (SBU). Also, they confiscated all the 150 mining ASICs.
Ukraine’s Crypto Regulations
The Security Service of Ukraine (SBU) has been quite active busting more such illegal crypto mining farms. On the contrary, this is the second crypto mining busting by the SBU.
The first illegal cryptocurrency mining farm was busted out last month by the first week. The mine was located in Dnipropetrovsk Oblast. Likewise, this one was also operating on illegal electricity. The authorities have confiscated 350 crypto mining ASICs from the farm, further shutting it down. In addition, it is estimated the farm has been operating over a period of three months, using stolen electricity of $70,000.
Ukraine is one of the top countries to adopt cryptocurrencies. Yet, proper regulations are yet to be implemented. No regulations on the industry are a major reason for such illegal mining throughout the country.
Accordingly, Ukraine is preparing a set of regulations and the bill will be soon passed through its parliament.
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