Crypto mining has stirred up some level of controversy in the last few years and some of this has to do with the amount of electricity required for the mining of cryptocurrency and this has seen countries such as Iran having to set up special arrangements for cryptocurrency mining and even as mining becomes more popular, not everywhere in the world is open towards it as some places with subsidized energy prices have complained about their influx of crypto-related firms. However, mining continues to be a popular activity, though not always allowed. 


It was reported on October 1, 2019 that four crypto mining devices being imported from Mongolia were intercepted by the Federal Customs Service of the Russian Federation. 

Busted 

The cargo in question comprised of for crypto mining devices that also had fans and microcircuits and had allegedly been smuggled by a Russian national into the country through the Russian Mongolia boundary but unfortunately, this was intercepted by the authorities.

According to customs, the man in question was intercepted by authorities at the border of Tashanta and after being searched, could not provide any legal documentation for the importation of the crypto mining equipment and such, they were confiscated from him. Naturally, since the industry is becoming better regulated around the world, things such as crypto mining devices would have some required custom fees when being moved from one country to the other since it is considered a business material but there still some who try to bypass these laws and obviously, it doesn’t always work.

The mining community, however, continues to persist as even in China where cryptocurrency is banned, there is an active mining community spread out across the country as well as underground networks of traders. Some of the apprehension towards mining is an offshoot of the apprehension towards cryptocurrency itself as some feel that crypto mining is encouraging an industry that supports criminal activity. However, it has been shown through an official statement from Russian authorities that most criminals still make use of cash rather than cryptocurrency.

“In the Russian Federation, this [withdrawing of stolen funds with crypto] is used very rarely. Yes, sometimes cryptocurrencies are used to withdraw funds, but now it is not widespread, because it is much easier for an attacker to get cash,” the statement said. 

What's your reaction?
Happy0
Lol0
Wow0
Wtf0
Sad0
Angry0
Rip0
Leave a Comment