By Cryptocurrency has always been a popular topic of discussion and is multiplying its popularity at a rapid rate. Cryptocurrency mining is meticulous, high-priced, and only sporadically rewarding. All of these days everyone used to know IT companies are responsible for storing, manipulating, distributing or creating information. Incurring knowledge through information has been the role of ”information technology”. Accessing the information across the world doesn’t give the right to misuse its abilities in illegal activities. In spite of so much hide and seek illegal activities have never been hidden for a long time. One or the other day the light does get focused on the misusage of resources. An IT company in Armenia has been accused of illegally obtaining electricity and utilizing it into mine cryptocurrencies.
Power utilization amounts to $150,000
The announcement has been made from the Armenian National Security Service on September 21, that the organization has blamed an IT company of illegally mining cryptocurrencies from inside a hydropower plant.
It has been reported by the state agency that the IT company had established cryptocurrency mining equipment inside one of the hydropower plants running in Armenia and as a result, illegal consumption of1.5 kilowatt-hours of electricity was marked — costing more than $150,000, locally — across the time of 1.5 years.
Nowadays, already there is a huge power consumption over and across the world which has led to the fast depletion of the nonrenewable sources of energy and thereby pushing the human race to the risk of thinking substitutes.
Illegal crypto mining in China
In spite of the warm welcome of cryptocurrency in many parts of the world, a few countries are cautious because of its volatility, decentralized nature, possessed threat to current monetary systems and together with these invites prohibited activities like drug trafficking and money laundering. Digital currency has already been banned in some countries while others are trying to cut off any support from the banking and financial system essential for its trading and use.
China has essentially banned bitcoin. Cryptocurrency exchanges have been banned. Miners have been cracked down by the Government.
Reports have been obtained that a notice is being issued by the regulators in the autonomous Chinese province of Inner Mongolia necessitating a cleaning up of the province’s crypto mining enterprises.
The need to rectify the mining industry within the province have been felt by several departments within Inner Mongolia.
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