Ukrainian police unearth crypto mining farm using PS4 consoles, $259k in electricity stolen

Ukrainian police excavate crypto mining farm with PS4 console, stolen $ 259k

Updated on July 19, 2021: As reported by Eurogamer and Ign.com, “The Security Service of Ukraine (SBU) announced last week that it had closed a crypto mining farm containing 3800 PS4. However, the main function of this mining farm is not to try to get crypto, but instead to build valuable FIFA Ultimate Team accounts.”

Ukrainian authorities have unearthed a crypto mining farm accused of stealing electricity in the city of Vinnytsia, southwest of Kyiv.

A statement from the Security Service of Ukraine indicates that the July 8 discovery also resulted in the seizure of mining equipment, including 5,000 computers and Sony PlayStation 4 consoles along with graphics cards.

The mining farm, located near an energy distribution company identified as Vinnytsiaoblenergo, has become one of the largest mining facilities exposed by Ukrainian authorities.

Authorities estimate that miners stole nearly $259,000 in electricity from the power plant. Miners are said to have implemented measures such as masking actual energy consumption to conceal their activities.

Currently, identification of the suspect is still underway with an effort to determine if power plant officials are involved. In a statement, Vinnytsiaoblenergo has since denied any involvement.

“Equipment used for cryptocurrency mining has never been operated on premises owned by our business. We will not make excuses. Let the SBU find out what happened,” said Vinnytsiaoblenergo.

Cryptocurrency Regulations of Ukraine

Ukraine is one of the countries where there is no clear regulation of cryptocurrencies. Cryptocurrency mining in the country is illegal and residents cannot register as crypto entrepreneurs.

Amid regulatory uncertainty, Ukraine is currently working on regulations that will govern legal and illegal crypto entrepreneurs. The country’s parliament has since passed the first reading of the law on the legal status of cryptocurrencies. The law also includes basic regulations and requirements for service providers in the field of digital currencies.

Read More:   Red Envelopes & What To Do With All That Lunar New Year Money

Furthermore, the country’s Ministry of Digital Transformation plans to amend the Tax Code and set the income tax rate at 5% for crypto businesses.

For mining, Ukraine intends to set up crypto mining data centers adjacent to nuclear power plants. The project is expected to be completed in 2023.

What we like:

Trusted broker

Perfect for beginners

Covered by insurance

More than 80 cryptocurrencies to invest in

Last , Bunny Talk sent you details about the topic “Ukrainian police unearth crypto mining farm using PS4 consoles, $259k in electricity stolen❤️️”.Hope with useful information that the article “Ukrainian police unearth crypto mining farm using PS4 consoles, $259k in electricity stolen” It will help readers to be more interested in “Ukrainian police unearth crypto mining farm using PS4 consoles, $259k in electricity stolen [ ❤️️❤️️ ]”.

Posts “Ukrainian police unearth crypto mining farm using PS4 consoles, $259k in electricity stolen” posted by on 2022-07-23 13:38:55. Thank you for reading the article at BunnyTalk.org

Back to top button