Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining

Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining

Ukrainian authorities have raided an allegedly illicit crypto farm in the country. According to an official announcement from the Security Service of Ukraine, the facility was located on the former premises of JSC Vinnytsiaoblenergo, an electricity supply company. 

The illegal crypto miners concealed their activities by manipulating electricity meters to steal electricity from JSC Vinnytsiaoblenergo.

Our top trading bots

Described as the largest underground mining operation discovered by the Ukrainian police, the farm housed nearly 5,000 computer equipment units, including 3,800 PlayStation 4 consoles, over 500 graphics cards, 50 processing units, notebooks, phones and flash drives.

The SBU estimated the state’s monthly losses due to electricity theft — which had the potential to cause electricity shortages for the entire city of Vinnytsa — to range between $186,200 and $259,300.

Related: Gamers and miners spar over scarce top hardware

Several estimates show that Sony’s last-gen gaming console, PlayStation 4, is not the ideal rig to mine cryptocurrency. Given its slightly outdated configuration compared to many mining rigs available today, even a 16-console PS4 setup would fail to generate meaningful returns with legal electricity usage.

Ukraine was ranked as the world’s leader in Chainalysis’ Global Crypto Adoption Index last year. The Eastern European country is trying to lead the region with crypto-friendly initiatives such as the proposal of a bill that aims to determine the legal status of crypto assets, including rules for their circulation and issuance in the country.

Keep reading upon Cointelegraph
Bitcoin payments for real estate gain traction as crypto holders seek monetization
Crypto investors are betting big on real estate this year as the cryptocurrency market continues to grow. New York Digital Investment Group (NYDIG) recently...
Paraguayan lawmakers to present Bitcoin bill on July 14
Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a Bitcoin (BTC) bill to Congress on Wednesday, July...
Here's why pro traders expect further downside from Ethereum price
Derivatives data shows that Ether (ETH) traders are feeling less bullish when compared to Bitcoin (BTC). Even though the altcoin captured a nearly 200%...
Germany commemorates Euro 2020 soccer team with NFTs
The German Football Association (DFB) has officially announced the debut of national soccer team nonfungbile tokens (NFTs) in partnership with a major blockchain-based...
Basketball star turned digital racehorse tycoon: Wilson Chandler on NFTs and the NBA
As Wilson Chandler tells it, despite being a NBA star with a decade-plus pro career and nearly $80 million in career earnings, the 6’8 combo forward still...
Altcoins and DeFi tokens breakout as Bitcoin price nears a key resistance
Weary cryptocurrency traders awoke to the sight of green in the markets on May 2, as bulls managed to bid the price of Bitcoin (BTC) above the crucial “line...
Guggenheim’s new fund may seek exposure to Bitcoin, SEC filing shows
Global investment firm Guggenheim Investments has filed with the United States Securities and Exchange for a new fund that may seek exposure to Bitcoin...
Binance is reportedly under investigation from IRS and Justice Department
Major cryptocurrency exchange Binance is reportedly under investigation by both the United States Department of Justice and Internal Revenue Service in...
Square’s Cash App raises minimum Bitcoin withdrawal to 0.001 BTC
Square's Cash App, a Bitcoin-friendly mobile payments platform, has raised its minimum withdrawal requirements for BTC holders.The minimum withdrawal amount...
PayPal-owned Venmo launches cryptocurrency trading
Payments app Square made headlines — and dollars — when it integrated Bitcoin trading into its mobile platform back during the crypto bull market of winter...
ConsenSys-backed poker platform secures $5M investment
Ethereum infrastructure firm ConsenSys and venture capital fund Pantera Capital have led a group of investors in a $5-million funding round for Virtue Poker,...
Filecoin market cap hits $450B after FIL price rallies above $230
The fully diluted valuation of Filecoin (FIL), a digital payment and cryptocurrency system built on top of the InterPlanetary File System (IPFS), has reached...
How NFT tokens are fueling crypto art, creating a new way to collect
NFT is a type of cryptographic token. Its peculiarity lies in the fact that it is non-fungible, which is not inherent in the nature of tokens. Over the...
Bitcoin Breaks into The Rap-World Again: Soulja Boy’s New Song About Crypto
Soulja Boy, a 28-year-old American rapper and entrepreneur released a song merely called «Bitcoin.» The song is a part of his recent album “Young Drako,»...
The Waves Team Presented A Beta Version Of The Desktop Client
The Waves team introduced a beta version of the desktop client, available for various operating systems.According to representatives of Waves Platform,...