Bitcoin mining, a process that generates new bitcoins into circulation is likely the potential income opportunity for Ukrain Railway workers. As per the latest report, employees at the Ukrain Railways caught with mining bitcoin illegally.
Per the reports, railway workers used state electricity to conduct bitcoin mining operations. Specifically, Oleg Nazaruk, an official of the country’s state-owned rail transport providing company, Ukraliznytsia said: “the surreptitious crypto mining operation was conducted, costing the state more than $40,000 in power”. He explained that over 200 pieces of computer equipment were found in a crypto mining farm set up within the premises. Moreover, the translated version of the document reads that;
The aforementioned equipment was connected to the Ukraliznytsia power grid. The estimated amount of losses since the beginning of the year is UAH 1 million [$40,000],”
Noticeably, there were three railway employees responsible for this illegal bitcoin mining operation. More so, according to Ukraliznytsia, the issuance and circulation of crypto within Ukraine are banned citing “On the National Bank of Ukraine” law”. On the other hand, energy availability in Ukraine costs relatively low which made it the potential spot to mine bitcoins and earn a profit.
Illegal use of cryptocurrency and bitcoin has been around the corner for some time and this being said, Ukraine’s illegal bitcoin mining farm is no stranger in the crypto industry. But, to curb these types of activities within the region, Ukraine is working to form comprehensive crypto regulations but this illegal mining farm set up by Ukraine’s government employees likely a quick alarm for the state to create more thoughtful and strict regulatory frameworks.
This isn’t the first case in Ukraine either, the top law authorities this August uncovered crypto mining equipment at a nuclear power plant. There were six Radeon RX 470 GPU video cards, a motherboard, power supplies and extension cords, a USB and hard drive, and cooling units installed on-site, according to reports surfaced in late August 2019.
Image Source – Flickr