Cryptocurrency miner caught stealing over $ 400,000 worth of electricity.

On June 9, police arrested a resident of Makhachkala, Russia, who allegedly created an illegal mass cryptographic structure linking around 500 excavators to the local power grid.

According to a local government announcement on June 6, a 30-year-old miner created a mine that caused economic damage to the state power grid worth more than 34 million rubles ($ 494,000).

The report found that an unidentified individual rented a third floor in an uninhabited location in May in a construction complex in the New Khushet suburbs, where he established Bitcoin (BTC) and altcoin mines.

Police said the alleged miner connected to cables that ran the power line to the complex using specialized equipment.

During the raid, local authorities found 518 computer components used in cryptocurrency mining.
The police did not provide details on what altcoins were mined by the suspect or what profits the mine generated.