Facing Power Deficit Risk, Ukraine Shuts Down Another Crypto Farm – Mining Bitcoin News

WithWith the growing threat of electricity shortages in the winter months, Ukraine has another major coin mint that is illegally purchasing electricity from the grid. The country's security agency said it would step up efforts to ensure that the country's energy system is well protected from such consumers.

Large-scale illegal mining operation uncovered in central Ukraine

The Security Service of Ukraine (SBU), the country's top law enforcement agency, is intensifying “systematic work to protect the critical infrastructure of the United Energy System of Ukraine,” a Press release revealed this week. The announcement details its latest operation against illegal crypto mining in the country:

An underground cryptocurrency farm has been uncovered in the Cherkassy region. The operators stole industrial amounts of electricity from the regional power grid for Bitcoin mining.

Preliminary estimates shared by the SBU suggest that the Ukrainian state suffered financial damage of more than 6 million hryvnias (nearly $330,000). The stolen electricity, officials claim, is enough to power more than a dozen homes for several years.

The security service said the mining operation was organized by local businessmen in leased warehouses. They illegally connected their hardware to the power grid of Cherkasyoblenergo, the region's electricity supplier. The daily operation of the devices allegedly caused “major energy losses” to the state-owned company.

During a search of the premises, agents found further evidence of illegal activity, the SBU added, without elaborating. As part of a procedure under the Criminal Code of Ukraine, “investigative measures are underway against the organizers of the illegal transactions,” the organization emphasized. Representatives of the state police and the public prosecutor's office are also involved in the case.

The growing popularity of cryptocurrencies has made Ukraine a leader assumption in recent years. The government in Kyiv has taken steps to... legalize “virtual assets”. While mining digital coins not forbidden, it is not regulated either. This year, Ukraine's security service is prosecuting miners who illegally exploit the country's power grid, Shutdown a number of crypto farms in different regions.

Other crypto-related activities have also been targeted. In August the SGE clogged a number of online crypto exchangers that allegedly send money to Russian wallets. Last week, police officers exposed a criminal group that specializes in stealing cryptocurrency through malware and laundering illegal funds for hackers.

Do you think Ukrainian authorities will continue to crack down on crypto mining in the country? Tell us in the comments section below.

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