Police Raid St. Petersburg Underground Crypto Mining Farm
Russian police have shut down an underground crypto mining farm operating in an industrial zone in St. Petersburg, confiscating dozens of mining rigs. Authorities estimate the illegal operation caused 10 million rubles (about $128,000) in damage to the city’s power grid. Video footage shows overridden electrical meters and rows of active rigs. The crypto mining farm spanned several hundred square meters and drew power via a direct connection to a neighboring substation. At the time of the raid, the site was unmanned, and a manhunt is underway to find the operators.
In parallel, the Interior Ministry warned of a new crypto trading scam using foreign call centers. Scammers pose as experts from prestigious universities or financial institutions, lure victims to register on specific exchanges, then fake small profits before persuading larger investments. Ultimately, fraudsters gain control of victims’ accounts and drain their funds.
Neutral
This raid highlights growing law enforcement scrutiny of illicit crypto mining in Russia but is unlikely to impact global cryptocurrency prices or major mining operations. Past local crackdowns have had limited effect on market trends, as miners often relocate or upgrade equipment. The concurrent warning about call-center trading scams may heighten investor caution domestically but should not significantly alter overall market sentiment. Short-term, Russian miners face increased operational risk; long-term, global mining and trading dynamics remain driven by broader regulatory and economic factors.