In the latest development, an employee working in the IT department of the Estonian defense ministry mined cryptocurrencies at NATO. According to the local publication, the IT employee was involved in mining cryptocurrencies employing the state equipment purchased from the country’s defense budget. Furthermore, the illegal miner emerged as a smuggler by smuggling expensive computer spare parts via online web forums.
Illegal Mining led to the suspension of 2.5 years.
The accused, Armin Annus, who incepted an illegal secret cryptocurrency mine, served as an IT expert at the Estonian defense ministry for a period of five years. Armin sold the computer fragments and other equipment at several web portals under the name of “Armani.” The accused gathered local equipment and purchased various computer components utilizing state funds to facilitate the mining process smoothly.
During one of the warehouse unit explorations, the accused falsely claimed that the mining equipment was a personal equipment utilized for testing purposes. He further stressed the need for information to purchase better equipment for defense purposes. However, the accused’s bosses keenly investigated the computer components, leading to the exploration of “Armani.”
Reportedly, the IT employee developed seventeen mining rigs in a quest to gathering cryptocurrencies. Between 2016 and 2019, the accused thieved 190 computers belonging to Estonia’s defense ministry. The overall value of the stolen components stands up to 48,900 euros. Currently, the accused serves an imprisonment sentence of 2.5 years with probation. Nevertheless, the culprit’s faulty efforts led to the mining of cryptocurrencies worth 30,404 euros. However, due to the high electricity costs relating to mining processes, more than half of the profits drained in vain.
Conclusively, mining cryptocurrencies is a profitable source of revenue. However, the current network difficulty has led to slashing profits for miners. The increase in electricity costs, unfavorable mining conditions, and regulatory restrictions emerge as the challenges of the crypto mining industry.
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