Armenian IT Company Accused Of Illegally Mining Crypto

An Armenian IT company has been accused of illegally accessing electricity and using it to mine cryptocurrencies.

On September 21, the Armenian National Security Service accused an IT company of illegally mining cryptocurrencies. The report states they were mining crypto from inside a hydro-power plant using the electricity illegally.

That had the result of illegally consuming 1.5 million kilowatt-hours of electricity. The electricity spent worth more than $150,000 or 73 million AMD over the course of 1.5 years.

The Armenian IT Company Was One Of Many Similar Incidents

Similar incidents also occurred this year. A Ukrainian nuclear factory worker was stealing electricity to mine crypto within the compound.

It appears, that the authorities are starting to get a grasp of how illegal activities in some crypto areas work.

In China, the situation is more hard. Regulators in the autonomous Chinese province of Inner Mongolia, released a warning notice. The notice is ordering a clean-up of the province’s crypto mining compounds.

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