Bitcoin (BTC) created a way for a lot of people to make quick and easy money by mining Bitcoin (BTC). They just plug in their computer and solve complex mathematical problems on the blockchain and get rewarded with Bitcoin.
However, as the awareness and adoption of the digital currency continues to rise, so is the mining complexity. Bitcoin (BTC) mining requires a lot of electricity, and this has pushed a lot of retail miners out of business.
Nevertheless, due to the profitability of the business, a lot of people just can’t stay away from it, even when they don’t have the required facilities. The ability to stay away from the fast and free money has gotten some people into serious debt. Some people have also found themselves in some legal issues, and a 21-year old Russia citizen is currently facing one.
A 21-Year Old Russian to Spend Five Years in Prison for Hacking a Government Server to Mine Bitcoin
According to a report by Ura.ru on the 16th of October, a 21-year-old Russian has found himself in a big mess. The Russian is currently facing criminal charges for illicitly hacking government-owned servers to mine Bitcoin. After some investigations, it was discovered that the boy hacked public government servers in three regions in Russia.
The hacker was busted when the Internal Security Division in Yaroslavl noticed he was trying to hack their equipment. He was charged with deliberate use of software that weakens the network defense of a computer out of self-interest. If found guilty after his trial, the alleged hacker will be spending the next five years of his life in prison.
Other Illegal Bitcoin (BTC) Mining Cases
This is not the first legal case relating to Bitcoin (BTC) mining. Over the years, there have been several illegal mining cases across the globe. People have been stealing or illegally receiving electricity to mine digital currencies.
Back in April, police in S. Korea detained some miners that purposely hired out chicken farms and factories just to get electricity at very low rates. A similar case like that occurred in the United States back in March. Miners were asked to stop work by local authorities after they got reports from residents about excessive usage of low-cost electricity by local miners.
A few weeks ago, a man was sentenced to 42 months in prison in China for illegally mining Bitcoin (BTC). The Chinese man stole electricity from a train station to power his Bitcoin (BTC) mining facility. Due to the volume of electricity required for mining Bitcoin (BTC), a lot of miners are running out of business because they can’t afford it. The man was sentenced to 42 months in prison, and the court also fined him $14,500, which is about 100,000 Yuan.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) currently changing hands at $6,568 after a decline of about one percent over the past twenty-four hours. The world’s largest digital currency currently has a market cap of $113.80 billion and its trading volume over the past twenty-four hours is $4.05 billion.