Illegal cryptocurrency mining activity discovered in Russia
On June 11, in the Republic of Buryatia, a KAMAZ truck was caught engaging in illegal cryptocurrency mining. This system was illegally connected to a 10-kilovolt power line, causing significant damage to the national power grid. This activity comes as the Russian government prepares to impose heavier penalties on illegal mining operations. The event highlights the growing issue of energy theft in the cryptocurrency mining sector in this region.
Explore illegal cryptocurrency mining activities – What you need to know
During the inspection day, Russian inspectors discovered 95 cryptocurrency mining devices along with a transformer station capable of distributing energy to an entire village. When officials arrived at the scene, two unidentified individuals fled in an SUV, leaving behind difficult traces to track.
This illegal mining activity took place in the Pribaikalsky area, marking the sixth case related to energy theft for cryptocurrency mining in the Buryatia region. Authorities are actively working to prevent these activities to protect the national power grid from significant losses.
Penal policy on illegal cryptocurrency mining activities in Russia
The Russian government has begun preparing stricter sanctions against illegal cryptocurrency mining activities. Fines could range from 100,000 to 2 million rubles, equivalent to approximately 1,272 USD to 25,456 USD. Independent individuals, officials, and businesses may face penalties or have their illegally mined cryptocurrency confiscated.
Additionally, acts of making cryptocurrency payments outside the jurisdiction of the Central Bank are also prosecuted, with a maximum fine of up to 1 million rubles, around 12,718 USD. These measures aim to prevent illegal mining and trading activities, protecting Russia's digital economy from security risks.
General overview of the issue
In less than a day, Russian authorities discovered another illegal cryptocurrency mining operation in an abandoned building in Taksimo. This mining operation also lacked a license and was functioning without an electricity meter. These illegal activities have caused millions of rubles in losses to the national budget, prompting the Russian government to tighten deterrent and punitive measures to protect the electricity system and the legal cryptocurrency market.
Source: https://tintucbitcoin.com/nga-phat-hien-dao-tien-dien-tu-trai-phep-xu-phat-nang/
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