Ukrainian police bust crypto farm

Ukrainian police have converged on a crypto farm in the country, seizing 5,000 computing units and more than 3,800 PlayStation 4 consoles.

The raid took place in the former building of electricity supply company JSC Vinnytsiaoblenergo.

Police called the operation the largest “underground mining” scheme to have ever been discovered in the country, including 500 graphic cards and 50 processing units, along with other tech.

The culprits had been able to tap into the power grid and syphon off between $186,000 and $260,000 in electricity every month.

Commentators have pointed out that PlayStation 4s weren't the best way to mine crypto and whoever set them up had a poor understanding of the lack of return through mining with such consoles.

Ukraine is taking a more serious stance on cryptocurrencies, targeting outright thefts for the time being, but more regulation may be forthcoming.

The capital, Kiev, has shaped up as a center of crypto industry enthusiasts and the country ranks high in the Chainalysis' Global Crypto Adoption Index as one of the leading crypto jurisdictions in Europe.

The country has made some efforts to regulate its crypto industry with the details still being thrashed out.

In the meantime, police are vigilant being of underground operations. If you enjoy crypto, you will then find Bitcasino, 1xBit and FortuneJack all excellent locations!

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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