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Russian Police Ceases Illegal Bitcoin Mining Farms In Country

Jyoti Singh by Jyoti Singh - 07:43 PM Mar 28, 2020
Russian Police Ceases Illegal Bitcoin Mining Farms In Country

Bitcoin miners who have stolen $200,000 worth of electricity each month to mine cryptocurrencies are caught recently by the Russian Police.

The Russian Interior Ministry released a statement and said that the arrested suspect is from Saint Petersburg. The Ministry also mentioned that along with him the police have arrested nine alleged accomplices.

9 Suspects In Custody

The statement further mentioned that the mining equipment installed by the criminals used the country’s electricity supply at eight different locations.

According to the Ministry, the Russian National Guard has confiscated 1500 pieces of mining instrument. It has also seized 2 million Rubbles, smartphones and 100 tampered electrical meters in a course of 20 searches. The smartphones recovered by the police contained messages.

A report states that the miners were using an abandoned building to hide their machinery. They also used some of the residential premises like Lekoslovo, Roshchino, and Vsevolozhsk for mining purpose.

The Russian Authorities are taking strong action against illegal crypto farms so as to protect the country’s natural resources. It is not the first time, the Russian Authority took action against any crypto-industry. Earlier, it drafted tax laws for cryptocurrency to regulated the industry.

Recently, Irina Volk, the official spokesperson for the Russian Interior Ministry, said, “The mined cryptocurrencies were sent to exchanges located outside of Russia, and then converted to cash.“

Other Mining Cases

The report further states that on December 17, 2019, a similar incident came in limelight when two of the Russian citizens, who were alleged to be involved in crypto mining, brought to court.

According to the report, the two unnamed suspects infected hardware with a mining program. The suspects were taking the help of a web browser for this.

Another similar case came out on February 17, 2020,  in Ukraine, where the accused was using the system owned by the government for mining. The accused was working as an IT executive in Kyiv Prosecutor’s Office.

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About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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