Wednesday, October 28, 2020

Armenian crypto mining firm caught for using electricity illegally

The Takeaway:

A crypto mining firm has been accused of using electricity illegally to mine cryptocurrencies. The Armenian National Security Service revealed that the firm was not registered as an electricity consumer. NSS alleged that the firm consumed over 1.5 million kWh electricity in 18 months.

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An IT firm in Armenia was caught using electricity illegally for mining cryptocurrencies. The Armenian National Security Service (NSS) revealed that the firm was not registered as an electricity consumer in Electric Networks of Armenia CJSC.

The NSS alleged that the IT firm set up a farm on the territory of one of the hydropower plants in Armenia without registering with proper authorities. An Armenian news outlet reported that the IT firm allegedly consumed over 1.5 million kWh electricity for 18 months illegally. The illegally used electricity was valued at 73 million AMD ($153,387). 

The firm was caught as a result of an operative investigation against economic crimes in the country. The authorities did not reveal the name of the company or the people behind it. 

 Armenia is not the only country where authorities are getting strict against the crypto mining firms. Earlier this month Inner Mongolia authorities announced to clean up crypto mining activities from the region. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jesse Kirby
Jesse Kirby
Since his childhood days, Jesse was fond of writing and learning new things. He developed a special interest in bitcoin back in 2011 and started to get deep into the crypto space. After completing his masters degree from Bnos Menachem School, New York, Jesse became a full time writer and crypto analyst.

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