By Shelly Melancon (Switzerland)
A spate of mining clampdowns is ongoing around the globe and Ukraine joins the list of countries taking hard lines against illegal crypto mining in the country. In view of this, Ukrainian authorities raided a mining farm recently. According to reports, the mining farm raided is arguably the largest mining farm in the country. The latest clampdown is as a result of illegal mining operations.
Details of a report issued by the authorities following the raid revealed that some miners running the farm were arrested, including a host of mining equipment. Other items were confiscated during the raid- over 3000 PS4 gaming consoles and 500 graphic cards. Over 5000 computer appliances were found and seized as well. The report claimed that the mining farm in question was behind a series of power failures in Vinnytsia, a city in Ukraine.
Arrested Miners to be Charged with Power and Water Theft
Further details revealed that the mining farm was sited at a former warehouse of power generation company, Vinnytsia Oblenergo, giving the miners the opportunity to utilize power from the firm’s power station. According to the authorities, the arrested suspects will be charged and prosecuted for utilizing water and power without license.
Despite the raid, Ukraine encourages licensed mining operations. Ukraine has been a spot for mining companies for a long time and only prohibits illegal mining operations. Ukraine’s latest raid is similar to that of Iranian authorities which has taken actions to ensure that illegal mining does not see the light of the day.
Also read:Iran has also been facing severe power failures in some quarters as a result of mining operations. Iran began issuing fines against miners who were caught using household power for mining activities. In fact, it had to stop electricity exports to enable equitable distribution of power within the country. Miners have also been asked to postpone their activities until September as the country enters into summer.
Ukraine Encourages Licensed and Regulated Crypto Mining
Ukraine has always favored cryptocurrency mining and is looking to partake in the digital economy by releasing its CBDC. Earlier this month, the Ukrainian parliament passed a bill placing its CBDC on the same pedestal with the country’s official currency, with respect to payments. The European country is willing to embrace more crypto regulation rather than an outright ban.
Speaking of the latter, Asian giant China has embarked on a ‘no-holds barred’ ban against cryptocurrency and crypto mining. Since the last two months, miners have been leaving the country in droves to places like Texas, Iran, Kazakhstan, Serbia. China is also probing some crypto exchanges with bases in the country.
It has been reported that apart from the claim that crypto mining ban was necessary in order to promote the country’s anti-carbon policy; it is looking to provide an unopposed environment for its CBDC- the digital Yuan. Banks in the country are already distributing the CBDCs and opening digital wallets for their clients.
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