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Ukrainian Authorities Seize 3,800 PS4 Consoles in Crypto Mining Raid

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A raid in the Ukraine has uncovered a mining operation consisting of 3,800 PlayStation 4 consoles.

According to reports, officials from the Security Service of Ukraine (SSU) also seized 50 processors and 500 graphics cards when raiding the illegal mining op. An official statement from the SSU called the mining operation “the largest crypto farm in Ukraine,” from which they confiscated over 5,000 units of computer equipment. 

The statement asserts that the farm illegally extracted large amounts of electricity in the city of Vinnytsia. To the proportions that could have left entire neighborhoods without electricity. 

Furthermore, the statement says that residents of Vinnytsia and the Ukrainian capital Kiev established the mining operation. According to the SSU, the miners set up their op at a former warehouse of the Ukrainian electricity provider Vinnytsiaoblenergo. They tapped into the company’s electricity network to power their mining farm.

The SSU has stated that they are now investigating to establish who was involved in the illegal activity. Including officials at Vinnytsiaoblenergo. The security service registered proceedings under the Criminal Code of Ukraine pertaining to the theft of water, electricity or heat through its unauthorized use.

This raid is the second successful shutdown in Ukraine in July so far. The SSU discovered another illegal mining farm using stolen electricity in Chernihev Oblast. SSU officials confiscated more than 150 application-specific integrated circuits (ASICs) from the scene.

Cash and CBDC on equal footing in Ukraine

While their security service cracks down on illegal mining and electricity usage, other things are stirring in the Ukrainian crypto space. Particularly relating to their central bank digital currency (CBDC), the digital hryvnia.

On July 2, reports revealed that the country’s parliamentary body, the Verkhovna Rada, passed a law on payments services that made the CBDC a payment standard. In other words, treating it as the same as cash.

This decision indicates the Ukrainian government’s enthusiasm towards making its economy digital. The digital hryvnia is still in its research and development phase. However, Ukrainian officials have been considering a CBDC since 2018, and even tested a prototype on the Stellar Lumens blockchain.

Reports also indicate that their decision makes Ukraine one of a few nations to establish a law recognizing a CBDC.

The post Ukrainian Authorities Seize 3,800 PS4 Consoles in Crypto Mining Raid appeared first on BeInCrypto.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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