Russian Chruch fined for illegal bitcoin mining

- Advertisement -

A Church based out in Russia has caught itself mixed up in some crypto related crimes. The church was being charged for consuming a huge amount of electricity to mine bitcoin. The incident has resulted in a fine of one million rubles ($15,000).

How was church found guilty?

Irkutskenergo, one of the power company in the region, mainly supplying power to the church found that that there has been very high consumption of power from May 2018 and till August 2018, the electricity consumption has been reached to over 2 million kWh.

As per the latest report, the police raid guided to the discovering of a large collection of computing equipment in the church's building.

The main reason behind the delay of the punishment is that argued about the fine in the court, saying that the consumption of 2 million kWh energy was being utilized for heating in the building. Later the church denied that it hasn't used the amount of electricity stated, the court finally found that the fine is suitable.

Also Read: DocuSign integrates its services on the Ethereum Blockchain to verify its Signatures

Earlier cases of Illegal Bitcoin Mining

This is not the first time, illegal bitcoin mining being caught in Russia. Scientists working at Russia's nuclear warhead facility, the Federal Nuclear centre based out in Sarov, were arrested for utilizing a highly powerful supercomputer to mine Bitcoins.

Scientists were caught easily in this case, because the supercomputer they decided to use was not being used for internet connection but security purposes. As soon as the department connected, it was being warned and later got arrested.

Apart from this, there has been a huge amount of cases being arrested for mining cryptocurrency illegally. For instance in Florida, one of the employees of the state Department of Citrus was arrested for participation in crypto mining.

From this, it can be concluded that there is a massive demand for electricity in cryptocurrency mining, hence it is difficult for hiding from authorities.

Also Read: Coinbase shutting down its index fund due to less market share

- Ad -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
- Advertisement -

The Investment of the Decade by Teeka Tiwari: What Is It?

Teeka Tiwari's Investment of the Decade is a new special broadcast of his highly popularly, wildly successful Palm Beach Letter newsletter research program. While there...

Top 11 Best Financial Investment Email Newsletters of 2020

Financial investment newsletters provide stock tips and analysis. A good financial investment newsletter helps you understand the market. It alerts you to upcoming trends before...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Best Blockchain Stocks: Top Blockchain Companies for Investors in 2020

Ten years ago, no one had heard of “blockchain”. Over the last five years, however, blockchain has been one of the biggest trends in...

Latest News & Updates

Timed Stocks: Accelerated by Jeff Brown: Latest Intel Shared

Looking to make money off of investments? Not sure where to begin? To pinpoint where the money lies, investor Jeff Brown put together an...

Dave Forest’s Strategic Investor: Lithium Geo-Tech Fuel Tesla Deal Report

With the coronavirus pandemic currently ravaging the global economy mercilessly, more and more people are looking to make smarter investment choices so that they...

Project 303: The Extra Income Project by Andrew Keene

The Great Recession in 2008 cast a dark shadow over the financial portfolios of the whole country. With few people left untouched, it took...

True Wealth Real Estate by Dr. Steve Sjuggerud: Newest Breakthrough Service

In a recent presentation, Dr. Sjuggerud unveiled his plans for a new project poised to help investors get hold of assets with profit-generating potential....

Every investment is risky and carries a real chance at losing or gaining. None of the information here is to be considered investment advice. Seek a professional investment advisor consultation before making any investment.

No GainBitcoin contributor is licensed under securities laws and is not qualified to give personal investment advice. Read the about page and all accompanying policies for more details.

More Articles Like This

Best Blockchain Stocks: Top Blockchain Companies for Investors in 2020

Ten years ago, no one had heard of “blockchain”. Over the last five years, however, blockchain has been one of the biggest trends in...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Teeka Tiwari's The Final 5: 5 Coins to $5 Million Jetinar Details

Teeka Tiwari's The Final 5: 5 Coins to $5 Million Jetinar Palm Beach Research Group's Teeka Tiwari is hosting his 5 Coins to $5 Million:...

The Investment of the Decade by Teeka Tiwari: What Is It?

Teeka Tiwari's Investment of the Decade is a new special broadcast of his highly popularly, wildly successful Palm Beach Letter newsletter research program. While there...