NSS: Discovery of Illegal Electricity Use for Cryptocurrency Production

The National Security Service of the Republic of Armenia has uncovered a case of cryptocurrency production through the illegal use of electricity as part of its operations to combat economic crimes. This information was reported by the NSS press center.

According to preliminary data, a company operating in the IT sector had been engaging in cryptocurrency mining without being registered as a consumer of electricity with the Armenian Electric Networks CJSC. By illegally using electricity, they operated cryptocurrency mining equipment located in the area of one of the hydropower plants in Armenia.

As a result of this activity, over 1.7 million kilowatts of electricity, worth approximately 73 million AMD, was illegally consumed over a period of 1.5 years. Materials are being prepared regarding the apparent criminal act, and the extent of the damage caused to the state and the Electric Networks Company is being calculated. Measures are being taken to identify those involved in the illegal activity.