Authorities of Ukraine recently confiscated hundreds of Bitcoin mining machines for stealing electricity.
Ukraine Seizes Bitcoin Mining Machine
According to a report from Bitcoin News, the Ukrainian Security Service has discovered illegal crypto mining. They also closed a crypto mine operating illegally in Chernihiv Oblast, north of the country.
An unknown owner has illegally connected the facility to an electrical transformer substation from the electricity grid in the area – an act of electricity theft.
With the stolen electricity, miners have carried out crypto mining operations using 150 machines. All of which have been confiscated by the SBU.
During the raid, mining hardware was installed in a rented warehouse. And consumed energy for about 3 million Ukrainian hryvnia, or nearly Rp. 16 billion in just two months.
According to the SBU, the substation to which the miners are connected serves to provide power to the ambulance service in Nizhyn, the municipal water utility company and other critical facilities.
“Some areas could be left without electricity, but those mining fields could cause emergencies and supply disruptions,” the SBU said, quoted by Bitcoin News, Saturday (3/7/2021).
According to the results of the confiscation. The operators of the illegal mining facilities reportedly tried to hide the theft from the local electric utility. Installing special equipment that allowed them to lower the meter readings. The investigation into the case is still ongoing.
Electricity Theft Action
Earlier in June, the authority has seized 350 mining machine because of a similar case, so that these cases actually being focused by the local authorities to continue to track the whereabouts of the other offenders.
Even though Ukraine is now one of the countries in the top position in adopting crypto, the right regulations have not yet been established in thecountry.
Reportedly, an updated bill “On Virtual Assets” has recently been proposed by the parliament’s Digital Transformation Committee. It is likely that the bill will be adopted in the summer of this year but financial regulators, including the National Bank of Ukraine, are still insisting on further revision of the draft.
