Ukrainian Authorities Seize 5,000 PCs from a Massive Illegal Crypto Farm

The Security Service of Ukraine (SBU) announced on Monday that it conducted a massive crackdown on the largest underground cryptocurrency mining farms discovered in the country so far. According to the authorities, Ukrainian law enforcement has already seized around 5,000 computers used for mining purposes.

The SBU investigators unveiled that residents from Kyiv and Vinnytsia built the extensive Crypto Mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term farm infrastructure in a former warehouse of JSC Vinnytsiaoblenerho. That said, the illegal miners stole electricity from the facility and relied on some tools to trick the electricity meters and hide their real energy consumption. “According to preliminary estimates, the monthly losses to the state ranged from UAH 5 to 7 m. (USD 186,200 to 259,300). However, such illegal activity could lead to power surges and left people without electricity,” the SBU noted.

During the seizure, Ukrainian authorities took control of 3,800 game consoles, over 500 graphic cards, 50 processors, draft documentation on electricity consumption, and an undisclosed number of notebooks, phones and flash drives. Due to the criminal nature of the case, the SBU initiated a criminal investigation to file charges on the theft of water, electricity, or thermal energy, which is punishable in the country with fines and jail time if a court determines it.

Officials from JSC Vinnytsiaoblenerho Still under Investigation

However, the Security Service of Ukraine clarified the following about the investigation: “Currently, investigative actions are underway to identify all the people involved in illegal activities. Involvement of the officials of JSC Vinnytsiaoblenerho is being checked.”

Ukraine is known for being a high-interest hotspot for the crypto industry in terms of market share. Chainalysis revealed in a survey that Ukraine is increasingly becoming a country that is widely adopting Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) and other crypto assets, as investors bought $400 million in virtual currencies in 2020.

With the existing figures revealed by the firm, Ukraine hits similar figures as South Korea, the Netherlands and Canada on crypto gains, considering that these countries have solid economies.