Crypto Mining News

Russia’s Electric Power Being Sucked Dry By Cyber Mining

Crypto mining facilities currently happening in Russia have suck electricity dry with a value of nearly 450 Million Rubles or $6.6 Million over the past three years.

According to the firm, the estimates came from ill-gotten mining operations, tempered power meters, and underground mining farms.
The utility distributor identified that many existing businesses in Russia run their install their mining equipment in factories, offices, remote homes, and even in farms solely to get an extra supply of financial gain, ignoring the point that a humongous amount of electricity will be consumed.

These organizations don’t have any contract with the inherent power distributors and are exploiting electricity for Bitcoin mining while not paying for it.

Rosseti is currently looking for such ill-gotten operations; nevertheless, the losses revamped the past few years were staggering.

The company additionally elaborated that a lot of facilities hook a wire to the closest power lines, stealing electricity. In contrast, several even hide their mining equipment underground within the forests to avoid enforcement crackdowns.

Since 2017, Rosseti has found 35 cases of prohibited cryptocurrency mining facilities across twenty regions of the country.

Can laws curb illegal mining?

Illegal crypto mining has been a headache for the authorities for years. Because the value of Bitcoin surges, several jumps into mining the digital currency and to book a lot of profits, they typically attempt to bypass electricity prices.

From South Korea to the United States, and from China to Ukraine, most countries have seen massive scale prohibited Bitcoin mining operations.

Last December, the Chinese authorities confiscated 7,000 prohibited Bitcoin miners during a crackdown. An equivalent month, Russian enforcement additionally prosecuted two persons for illicitly mining Bitcoins on government computers.

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