Government Opinion

Police in Russia arrest two over illegal cryptocurrency mining.

Crypto mining seems to be a lucrative venture with big companies like Bitmain setting up massive mining farms in various parts of the world. The lucrative nature of the crypto mining business has led two individuals in Russia to perform illegal cryptocurrency mining operations.

This has led the Russian police to hunt and arrest them. The incident was reported by Ria56.ru, a Russian media outlet. Something the two individuals didn’t realize is that mining consumes a lot of electrical power which cannot go unnoticed.

The two individuals have been performing the illegal cryptocurrency mining operations from the beginning of last month. The local authorities had denied its existence after the local media reported of the same last month.

According to Irina Volk, spokeswoman, Ministry of Internal Affairs, the two were arrested and detained after they were caught operating a mining farm housed in a deserted factory in Orenburg city. Police also recovered 6,000 equipment related to crypto mining

Irina stated that the two individuals, who were former employees of the deserted rubber factory, will be charged with, among other things, stealing electrical power worth 9,700 USD and damaging the company’s property.

But it’s not in Russian alone where illegal cryptocurrency mining takes place. In early March this year, employees at the Bureau of Meteorology in Australia were being investigated by the police for using government computers’ for illegal cryptocurrency mining operations. The incident was first reported by ABC news.

Still, in early March this year, the Tribune News Services reported that authorities in the state of Louisiana in the United States were investigating fired staffers in the AG’s office for using government resource to illegally mine Bitcoin.

In January last year, a former staffer was fined $5,000 by the Inspector general, Federal Reserve, after being nabbed using a server belonging to the United States central bank. The crime was committed between 2012 and 2014.

If the two individuals arrested by the Russian police are convicted, what do you think will be the most lenient fine/punishment the authorities are likely to impose on them?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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