HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

3,000+ PlayStation Consoles Discovered In Raid, Modified To Mine Crypto

Mining 2021/07/14 04:03 by Taylor Scott

We’ve seen esports and gaming get integrated in the crypto landscape left and right lately – but not quite in ways like this. Thousands of PlayStation consoles were  last week modified to mine crypto.

The Details Of The Operation

The Ukrainian Security Service (SBU) raided the operation last week for allegedly stealing electricity; the SBU is the country’s main government security agency and law-enforcement authority. The SBU seized roughly 5,000 total devices – with around 3,800 seeming to be PlayStation 4s. The authorities also seized over 500 graphics cards, processors, phones, flash drives, and documents belonging to the operation. The press release from the seizure described the operation as the “largest underground crypto farm” that the SBU has exposed and documented.

The operation was mining crypto in an old regional electricity provider warehouse in Vinnytsia, just over 150 miles outside of the Ukrainian capital of Kyiv. Authorities have been in contact with JSC Vinnytsiaoblenerho, the electricity provider that previously occupied the building.

The miners are accused of using electricity meters that masked actual usage in activities the SBU claims can also lead to power surges, as well as leaving others without electricity. The monthly electricity theft from the miners was valued by the SBU at between $186,000 and $260,000 USD.

A photo taken from the Ukrainian authorities shows thousands of PlayStation 4s set up in an unorthodox mining operation.  | Source: Secret Service Of Ukraine: Press Release

Related Reading | Authorities Arrest Perpetrators For Illicit Cryptocurrency Transactions

Is The Juice Worth The Squeeze?

Your traditional crypto mining operation certainly does not look like this one – but that doesn’t mean that this couldn’t have been still a financially beneficial endeavor for the individuals running this operation. Assuming what seems to be no cost of electricity whatsoever for these miners, the operation could likely have been set up to mine more GPU-friendly cryptos that utilize less processing power. Photos released from SBU, such as the one pictured above, show wall-to-wall racks of PlayStations.

Bitcoin, and crypto broadly has been a point of contention throughout Ukraine. Earlier in the year, the country’s Ministry of Energy was reported to be considering a bitcoin mining center to leverage the nation’s excess nuclear power. Furthermore, the National Bank of Ukraine has urged government officials to expedite crypto legislation to address it’s legality. However, talks around both issues in recent weeks seem to have stalled.

Additionally, illegal crypto mining operations run rampant in Ukraine, according to interviews around this particular story in the Kyiv Post. However, crypto mining and trading is not illegal in the country – but Ukrainians are not able to register as crypto entrepreneurs, or declare crypto exchanges at present.

 

Ethereum is generally seen as one of the more processor-friendly coins to mine, relative to bitcoin.  | Source: ETH-USD on TradingView.com

Related Reading | Poland Regulators Spread Warning Against Cryptocurrency Exchange Binance

Featured image from Pixabay, Charts from TradingView.com

1 Like(s)



You should also read...

Crypto 30/11/19 19:34 by Anatol Antonovici
IMF Calls on Georgia to Evaluate Crypto Income for Trade Balance
The International Monetary Fund (IMF) recommends that Georgia include the income from crypto trade and mining in its foreign trade balance reports. IMF Welcomes More Transparency on Crypto Mining The...
Read More
Mining 13/09/20 14:09 by Bernice Nyambura
How Grayscale is leading the Crypto Mining Dominance Shift from China to North America
China is home to the biggest crypto mining industry in the world, despite many other countries implementing strategies to attract more mining firms. The US and Canada have tried since 2018 to chal...
Read More
Mining 01/12/20 17:09 by Guest Author
Mining City: A Blueprint for Success?
“Together we grow!” This is the slogan of Mining City, a company with a solid foundation in the cryptocurrency market. Is this catchphrase a real promise, or an oversta...
Read More
Mining 18/06/21 15:55 by Brenda Ngari
Chinese Authorities Order Shutdown Of 26 Bitcoin Mining Farms In Sichuan
Authorities in China have ordered the closure of crypto mining farms in Ya’an, a prefecture city in Sichuan that has emerged as a key crypto mining center. The order comes on the heels of Beijing...
Read More
Other 15/07/21 16:36 by News BTC
Why Does Business Need Decentralized Digital Ecosystems: Interview with DAO Consensus CEO Ilya Churakov
Ilya Churakov is the CEO of the global blockchain platform DAO Consensus, which aims to give businessmen around the world the opportunity for development and unlimited interaction. We asked Ilya a few...
Read More