Cryptocurrency

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In a startling revelation by the power engineers of "Ivenergo," a business establishment within the Zavolzhsky district of the Ivanovo region stands accused of illicit <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> consumption. The unauthorized usage, which amounted to over 170 thousand kWh, is presumed to have been for the purpose of mining cryptocurrencies. The activity has incurred an estimated financial detriment of 1.48 million rubles, according to <a href="https://www.interfax-russia.ru/center/news/energetiki-zapodozrili-ivanovskoe-predpriyatie-v-mayninge-kriptovalyuty" rel="noopener noreferrer nofollow">Interfax-russia</a>.
The situation has prompted the enterprise to approach the law enforcement agencies, leading to a plea for the initiation of a criminal case as per Article 165 of the Russian Criminal Code. This article addresses the infliction of property damage through deceit or breach of trust, especially on a grand scale.
This incident is not isolated. Since the onset of the current year, a total of 35 occurrences of illegal electricity use have been identified by "Ivenergo," accruing a cumulative damage worth approximately 1.9 million rubles.
The suspicion cast over the Ivanovo enterprise illuminates a larger issue shadowing the cryptocurrency <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>. Often seen as a lucrative operation due to the potential profits from digital currencies, mining can also pose as a significant strain on local energy resources, prompting scrutiny and legal action when regulations are bypassed. The outcome of the <a href="https://ultramining.com/news/en/large-scale-cryptocurrency-mining-farm-uncovered-in-dagestans-kizilyurtovsky-district/" rel="noopener noreferrer nofollow">investigation</a> remains to be seen, but it underscores the challenges facing the energy sector and the measures required to safeguard it from unauthorized exploitation.

Ivanovo Enterprise Suspected of Clandestine Cryptocurrency Mining

Ultramining_Eng

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