Civil Police closes clandestine cryptocurrency mining company in RS

Last week, the Civil Police of Rio Grande do Sul closed a clandestine operation involved in mining cryptocurrencies in the city of Canela. Those responsible for the structure were illegally using the Rio Grande Energia (RGE) electrical network to keep hundreds of machines in operation.

Representatives of the company’s Corporate Security state that, in their estimates, the business operated in the São Lucas neighborhood caused losses of R$1.5 million in recent months. All equipment used was confiscated by the Civil Police, which estimates the value of the machines in operation at R$500,000.

Three firearms were also found at the scene, which were seized. According to the newspaper Zero Hora, the cryptocurrency operation resulted in the arrest of a couple, who will be held responsible for illegal possession of a prohibited firearm, crime against the tax order, money laundering and electricity theft.

Operation of the clandestine mining company was only viable by stealing electricity

The size of the mining structure set up is not surprising when taking into account the current state of the cryptocurrency market. Increasingly competitive, it tends to award large rewards to operations that prove to be faster in making the calculations necessary to create new currencies.

While many of the largest “mining farms” are migrating their activities to the field of artificial intelligence, there are those who still invest in this segment. Despite going through a period of decline in recent months, the price of Bitcoin is still above US$60,000 per unit.

Rising electricity costs show one of the reasons why many operations are closing their doorswhich makes it easier to understand the situation in Rio Grande do Sul. In November last year, a similar case was discovered in Poland, which had a large cryptocurrency mining structure hidden in one of its courts.

Source: Gaúcha ZH, Civil Police of the State of Rio Grande do Sul