News

A Man Apprehended Mining Cryptocurrency Secretly On Car Manufacturing Plant in Russia

A man got apprehended for mining cryptocurrency secretly on a car manufacturing plant in Russia. The man had connected to the power supply of the car manufacturing plant to mine his cryptocurrencies.
Tltpravda, a local news outlet in Russia revealed that the security service of AVTOVAZ, a leading Russian car manufacturing firm recently discovered that a man hid a full-fledged cryptocurrency mining farm in an electric enclosure on its manufacturing plant located in Tolyatti. The identity of the culprit was unknown. However, he was discovered on the 14th of December.
This act indicated an intention to leech on the company’s electricity for two years. Also, the culprit used a 4G modem for connecting his mining farm to the internet.
Notably, the mining farm has been functioning since November 2017, and the miner from the mining activity has made a whopping sum of 1.2 mln Rubles (about $18,000).
The estimate of power consumed by the secret cryptocurrency mining farm seems something of less regard to those that do not know how energy consuming cryptocurrency mining could be. Meanwhile, the level of power consumption of the mining farm could have caused AVTOVAZ to launch an investigation into the cause, which led to the discovery of the mining farm.
Also, the measure taken to smuggle a whole cryptocurrency mining farm into the manufacturing plant is still bewildering, and how the security of the firm was unaware that such an illegal act could be going on under their territory.

Cryptocurrency Mining Farm Menace

Cryptocurrency mining firm menace is always prominent wherever they are located due to the high level of power consumption. This leads to high cost of power consumed by the mining firms, and it affects the community they are domiciled.
High level of power consumption has placed crypto mining farms and their domiciled community at loggerhead most times. This has led to ban of such act in some communities, increase of power charges on crypto mining, as well as placing of a moratorium on cryptocurrency mining in some places, such as Salamanca among others. High charges on power supply affect the profit made by cryptocurrency miners mostly.
Meanwhile, some communities or countries have devised creating special power plant to serve cryptocurrency mining, while some have adopted the use of renewable energy to avoid affecting their communities.

Related posts
Banking RegulatorBinance.usBitcoin.comBlake PaulsonBrian BrooksCatherine ColeyCoinbaseCryptoCrypto ComptrollerExchangesNewsOCCOffice of the Comptroller of the CurrencyregulatorUS Binance

Former Comptroller of the Currency Brian Brooks to Lead Binance’s US Trading Platform

A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Binance.us. Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine…
AltcoinsAnalysisHideCryptopanicNewsNews 1Trading View

Cardano Price Analysis: 20 April

Cardano’s price has seen rangebound price movement for more than a month. While the surge that took place at the start of February did seem promising, the coin hasn’t been able to replicate such uThe post Cardano Story continues on…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Uniswap Price Analysis: 20 April

A lot of the gains Uniswap was able to register in the past month were undone as bearish pressure overwhelmed the crypto market a few days back. While many of the altcoins were quick to recover, UNI?The post Uniswap Story…

BTCNN is for sale

X