PlayStation 4 consoles were seized in Ukraine after an underground cryptocurrency operation was discovered last week.
For those not in the know, cryptocurrency is a payment system that uses blockchain technology as an exchange system online for products or services. Real currency is exchanged for cryptocurrencies, which can act as tokens, in order to pay for goods.
The appeal of crypto comes from a few different factors. Some supporters like the lack of central banks, which tend to reduce monetary value over time. Supporters also like the technology due to its decentralized processing and recording system, which offers increased security. Others see cryptocurrencies overtaking traditional payment systems in the future, so they want to be early adopters.
Early investing in cryptocurrencies has proved lucrative for some, a disaster for others. Many who have invested in Bitcoin and other cryptocurrencies have benefitted from the adoption of crypto as a mainstream form of payment. Other smaller forms of cryptocurrencies are not always as profitable, as their popularity and usage remains low. It all depends on the market and how it fluctuates over time.
With an increasing focus on crypto markets in the news cycle, it’s no surprise there are groups out there who are enticed by the idea of mining for digital currency. Ukraine’s Security Service located an old, abandoned warehouse in the city of Vinnytsia that contained roughly 3,800 gaming consoles, over 500 graphics cards and 50 processors. The people responsible for the unlawful mining reportedly stole the electricity from the city. Estimates say around $186,200 to $259,300 worth of electricity was stolen per month.
Ukrainian police and law enforcement agencies raided both the abandoned warehouse and residences where information relating to the cryptocurrency ecosystem was seized.
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