Uzbekistan shuts down mining farm that mined $7.7 million in cryptocurrency

In the Syrdarya region of Uzbekistan, law enforcement authorities found an illegal mining farm that has mined cryptocurrencies worth $7.7 million since August 2020. This, сообщают local media, citing the press service of СГБ of Uzbekistan.

During the inspection, it was established that a registered foreign company in Tashkent leased a building from a local enterprise for two years allegedly for a rabbit farming, but placed mining equipment there.

«The heads of the enterprise and the foreign company colluded and submitted false information in the contract with the district electricity utility for connection to the power grid,” the State Security Service said.

In the premises, authorities found 1,491 sets of mining equipment and 9,280 graphics cards. Since August 2020, the farm has mined cryptocurrencies worth $7.7 million.

According to the agency, the mining farm drew a large amount of electricity at a discounted price, causing substantial damage to the state. A criminal case has been opened.

Earlier in August 2021, in the same region, authorities found an illegal mining farm worth about $860,000.

Since 2019, Uzbek miners have been required to pay electricity at a triple tariff. In addition, cryptocurrency mining in the country is not regulated.

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