- Ukrainian security service busts illegal cryptocurrency mining operation
- The facility alleged to has stolen ₴705 million
Officials of the Ukrainian Security Service has busted the cryptocurrency mining operation in the city of Vinnytsia. The illegal mining facility located at an abandoned warehouse was busted for stealing up to ₴705 million. The facility had at least 5,000 computers set up for cryptocurrency mining.
The facility had fake electricity meters installed and used in the consumption of stolen electricity. The cryptocurrency mining process consumes huge amounts of electricity due to the large number of computers used by the miners. The United Kingdom (UK) police in May, found an illegal crypto mining operation stealing electricity instead.
Bitcoin currently consumes around 110 Terawatt Hours of electricity per year, which is about half of 1% of total global electricity production, roughly equivalent to the total power of Sweden or Malaysia.