Cryptocurrency

2024

In the <a href="https://ultramining.com/news/en/irkutsk-region-busts-1-000-illegal-crypto-miners-in-a-year-fires-a-major-concern/">Irkutsk</a> region of <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a>, a 35-year-old cryptocurrency miner has been indicted for illegally tapping into the power grid, leading to significant financial loss. Operating from January to February 2023, the individual established a sizable bitcoin mining operation with 214 units of equipment on a leased non-residential premises. The miner illicitly connected to a neighboring substation's transformers using jumper wires, bypassing the energy company's metering and billing system, according to <a href="https://bits.media/v-irkutskoy-oblasti-budut-sudit-sekonomivshego-1-mln-rubley-kriptomayninera/">Bits.media</a>. 
The evasion of electrical energy payment led to the power company accruing losses estimated at around 1 million rubles. The discovery of this unauthorized connection by <a href="https://ultramining.com/news/en/borneo-police-crack-down-on-illegal-crypto-mining-operation/">police</a> in February 2024 resulted in the disconnection of the power supply and the initiation of a criminal case. The case has now been forwarded to the Cheremkhovo city court for a detailed examination. 
This incident underscores the growing challenge of unauthorized cryptocurrency mining and its impact on public resources and safety. It follows a related event in Usolye-Sibirskoye, <a href="https://ultramining.com/news/en/irkutsk-governor-calls-for-tighter-crypto-mining-regulations-amid-tax-shortfalls-and-energy-crisis/">Irkutsk</a>, where <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">mining equipment</a> caused a fire, nearly destroying a magistrate's court building. These cases highlight the need for stricter oversight and regulation of cryptocurrency mining activities to prevent illegal energy consumption and ensure public safety.&nbsp;

Cryptocurrency Miner Faces Trial for Stealthy Million-Ruble Energy Heist

Ultramining_Eng

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