Authorities in Ukraine have raided an allegedly illegal cryptocurrency farm. The facility was located on the old grounds of JSC Vinnytsiaoblenergo, an electricity supply firm, according to an official declaration from Ukraine's Security Service.
The illegal crypto miners hid their activities by stealing electricity from JSC Vinnytsiaoblenergo by tampering with electricity metres.
The farm, described by Ukrainian authorities as the world's largest underground mining operation, housed approximately 5,000 computer equipment units, including 3,800 PlayStation 4 consoles, over 500 graphics cards, 50 processor units, notebooks, phones, and flash drives.
The state's monthly losses due to electricity theft, which had the potential to create power outages throughout Vinnytsa, were projected to be between $186,200 and $259,300, according to the SBU.
Several estimates show that the PlayStation 4, Sony's last-gen gaming console, is not the best machine for mining cryptocurrencies. Even a 16-console PS4 system will fail to earn considerable returns with legal electricity usage due to its slightly older configuration compared to many mining rigs available today.
In Chainalysis' Global Crypto Adoption Index last year, Ukraine was placed first in the world. The Eastern European country is attempting to lead the region with crypto-friendly efforts such as the introduction of a bill to determine the legal status of crypto assets in the country, as well as guidelines for their circulation and issuance.
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