Cryptocurrency

Russian Church accused of illegally mining Cryptocurrency

A Russian church was recently accused of using electricity at a subsidized rate to mine cryptocurrency. The Siberian church was fined over $15,000 US Dollars for illegally using the electricity after the local power company investigated why the usage dramatically increased during the summer months. The main reason for illegal activity was due to the lower subsidized rate for the church, which was not arranged for mining crypto. The church denies any wrongdoing and claims it was merely heating its building. There are cases of illegally mining cryptocurrency all across the world from China and Russia to Venezuala and Korea. Cryptocurrency still remains an attractive alternative in many unstable countries and as an alternative to central banks’ power. I would expect more fines and news articles to continue to be published as citizens look for ways to capture additional cryptocurrency.

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