Ukrainians create crypto-mining farms powered by stolen power

by nativetechdoctor
2 minutes read

One of the specificities of Bitcoin is the need to supply its mining gadgets with a lot of power … except if you find a stunt to try not to need to take care of the bill.

Ukrainian security services have dismantled an illegal Bitcoin mining farm with “industrial” power consumption.

Stealing electricity to mine Bitcoin

Bitcoin mining is paying off huge. Each square handled permits its digger to procure 6.25 BTC (simply under $ 400,000 right now), however, it likewise comes at an extensive energy cost. Along these lines, the excavators convey an abundance of imagination to lessen this cost and increment their additional worth by venturing to such an extreme as to unlawfully redirect power, as for this situation uncovered in Ukraine.

Source: Security Services of Ukraine

The rose pot was discovered as part of a procedure carried out by the Ukrainian security services in order to ” deal with the growing threat of electricity shortages in the country “. A Bitcoin mining farm has thus been identified in the Cherkasy region, hidden in the basement of a building rented by businessmen. The extraction equipment crypto-currencies were connected to the building’s electrical network without any official authorization.

“Industrial” electricity consumption

This illegal activity allowed the miners to divert enormous quantities of electricity: figures put forward by the security services show an (unpaid) bill of 6 million hryvnias or approximately 198,000 euros. It is the equivalent, in energy, of lighting ” more than a dozen apartments for several years “.

An investigation has been opened against the initiators of this farm for theft of electricity and could come within the framework of endangering the ” interests of economic security of the State “.

Source: Security Services of Ukraine

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