Russian Police Take Down an Illegal Bitcoin Mining Farm

Russian police have caught Bitcoin miners who were stealing $200,000 worth of electricity each month in their efforts to mine cryptocurrency.

According to a statement released by the Russian Interior Ministry, a Saint Petersburg suspect has been arrested, along with nine alleged accomplices.

The criminals managed to install sophisticated infrastructure that connects mining equipment to the country’s electricity supply at eight different locations, the Interior Ministry stated.

In total, the Russian National Guard seized 1,500 pieces of mining equipment, 2 million rubles, smartphones that contained incriminating messages, and 100 altered electrical meters over the course of 20 searches.

The miners used an abandoned building to conceal most of their mining machinery, according to the statement, as well as several residential properties, located in Lekoslovo, Vsevolozhsk, and Roshchino.

According to Irina Volk, the official spokesperson for the Russian Interior Ministry, the mined cryptocurrencies were sent to exchanges located outside of Russia, and then converted to cash.

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