BTC $8080.91 -1.73%
ETH $172.38 -1.41%
XRP $0.292129 -0.69%
show
show
Witnessing the digital breakthrough

Armenian Company in Trouble for Illegally Mining Cryptos

23 September 2019 14:43, UTC
Armenian Company in Trouble for Illegally Mining Cryptos

Recent news from Armenia, a small country in the Southern Caucasus confirms that illegal cryptocurrency mining is still quite rampant all over the world. According to a new announcement from the Armenian National Security Service, a local IT company was using the power from a Hydro plant without having informed the authorities or registered for approval.

In fact, the authorities are claiming that there would have been absolutely no exception from allowing this company to use the power as the hydro plant is used to deliver electricity across the nation rather than connect a specific type of operation to it.

According to the announcement, the company had been using the power generated in the hydro plant for more than one and a half years, ultimately “stealing” $150,000 worth of electricity.

It is unknown what cryptocurrency the company was mining at the time, but it’s quite obvious that they made a substantial profit from it. The accusations have not yet been confirmed, which means an official investigation will have to be launched.

Armenia is dotted with hydro and nuclear plants due to its association with the Soviet Union in the past. The country used to be a centerpiece for generating electricity, but is now trying to move to a more eco-friendly option. Despite all of this, old plants remain as an alternative before the plans are fully implemented.



Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER
Leave a comment
Leave a comment
Report a mistake