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Armenian Tech Firm Charged with Illegally Harvesting Electric Power for Crypto Mining

By Chris Torres | September 23, 2019

A tech company headquartered in Armenia has reportedly been charged with illegally utilizing electricity for their crypto mining operations. 

As announced by the Armenian National Security Service on September 21, the governmental department has charged a tech company in the nation with operating crypto activities with illegally acquired electric power from a hydropower electricity factory. 

The department disclosed that the accused firm chose a number of hydropower plants in the country to set up crypto mining equipments, consequently used 1.5 kilowatt-hours of electricity – which caused over $150,000 in financial damage – in more than a year and a half. 

Previously, officials of Inner Mongolia, China has submitted a document demanding a clean-sweep of crypto mining operators in the region. 

A number of governmental departments of Inner Mongolia is determined in setting the mining sector of the area on the right course. These organizations include the Development and Reform Commission, the Public Security Department, the Office of the Ministry of Industry, The Financial Office and the Big Data Bureau. 

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