Wednesday, July 31, 2021

Is a Bitcoin Mining Scam Taking Place in Russia?

Something strange is going down in Russia regarding bitcoin mining machines.

 A Bitcoin Mining Scam - in Russia?

The Federal Customs Service is investigating a potential scam involving bitcoin miners. The agency alleges that approximately 6,000 mining machines have been shipped to Russia, and that customs fees were not paid on any of the units.

The culprit at large is reportedly the Far-East Trading and Industrial Company, also known as DTPK. According to authorities, the enterprise may owe as much as $1.2 million USD in fees to the customs association. The miners allegedly shipped to the company include Bitmain ASIC minders such as the Ant Miner S9-13.5, the L3+ and the D3.

DTPK is also being accused of creating fake documents that include altered or fixed prices for the mining machines. In addition, it is stated in an official report that DTPK may have lied about which company supplied the miners. DTPK is saying the machines were garnered from MSR, a mining business stationed in Korea, though the company did not have a contract with DTPK.

Authorities believe DTPK may have obtained the mining machines between the dates of August 2017 and February 2018. Thus, these miners were being shipped to the enterprise for roughly six months.

Bitcoin and cryptocurrency mining have become something of a conundrum in most countries. In Venezuela, for example, bitcoin mining isn’t necessarily illegal, but it does come with some very heavy restrictions, and with President Maduro pushing for Petro use every chance he gets, many miners report series of harassments or intimidation to potentially rid them of their businesses and mining goals.

China is also examining the prospects of ridding the country of all future mining enterprises given that it potentially does harm to the atmosphere. To be fair, however, this is something China has been looking at for quite some time, but it’s never made a move.

Iran, on the other hand, has recently declared bitcoin mining fully legal within the country, though this may be because legislators are looking for ways to possibly bypass current U.S.-based sanctions. Thus, cryptocurrency use is looking quite intriguing as of late.

 Is Mining Good or Bad? Make Up Your Mind!

Police authorities in Russia also took a swipe at a company called Intelion Mining, confiscating approximately 2,500 units of mining equipment given that they were potentially “grey” imports. This means that the units were shipped illegally and did not garner customs payments. Intelion Mining says it has never engaged in the process of crypto mining before.

Russia has had a relatively mixed relationship with cryptocurrencies, going back and forth when it comes to instilling a full ban on crypto use. However, the country has hinted that it’s looking to introduce a digital ruble - the nation’s official cryptocurrency - sometime in the future, suggesting that a ban on bitcoin could be an attempt to stifle competition.

The post Is a Bitcoin Mining Scam Taking Place in Russia? appeared first on Live Bitcoin News.

Is a Bitcoin Mining Scam Taking Place in Russia?

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

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