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Armenian IT Company Accused of Illegal Electricity Use to Mine Crypto

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


$150,000 in power


On Sept. 21, in an announcement from the Armenian National Security Service, the organization accused an IT company of illegally mining cryptocurrencies from inside a hydropower plant.


The state agency reported that the IT company had installed cryptocurrency mining equipment inside one of the hydropower plants operating in Armenia and as a result illegally consumed 1.5 kilowatt-hours of electricity — worth more than $150,000, locally — over the course of 1.5 years.


Illegal crypto mining in China


Cointelegraph reported in September that regulators in the autonomous Chinese province of Inner Mongolia issued a notice demanding a clean-up of the province’s crypto mining enterprises. Read More

#Mining

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