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News

Massachusetts Man Is Indicted After Using School’s Crawl Space To Mine Crypto

February 24, 2023 - Around 2 mins mins to read

Key Points:

  • Massachusetts man, identified as Nadeem Nahas, a former assistant facilities director for Cohasset, MA, is facing charges for fraudulent electricity use and vandalism after reportedly mining cryptocurrency in a school crawl space.
  • The original article did not report which cryptocurrency Nahas mined, but Bitcoin is commonly mined in both legitimate and illicit mining operations.
  • Since 2017, the Russian business portal TA Adviser has reported dozens of illegal mining incidents, with perpetrators mining cryptocurrency on the premises of universities, mental hospitals, government buildings, and airports, among other locations.
Massachusetts man, identified as Nadeem Nahas, a former assistant facilities director for Cohasset, MA, is facing charges for fraudulent electricity use and vandalism after reportedly mining cryptocurrency in a school crawl space.
Massachusetts Man Is Indicted After Using Schools Crawl Space To Mine Crypto

The town’s facilities director discovered computers and assorted equipment in the crawl space in December 2021, and later reported it to the police. The town’s IT director confirmed that the configuration was a crypto-mining network connected to the school’s electrical system.

Nahas was identified as the suspect, and he reportedly resigned from his position in early 2022. He was set to be arraigned on Feb. 23 but did not appear in court, leading the judge to issue a default warrant for his arrest. The original article did not report which cryptocurrency Nahas mined, but Bitcoin is commonly mined in both legitimate and illicit mining operations.

Illegal crypto-mining operations are prevalent, as electricity costs can greatly offset Bitcoin mining profits. According to Visual Capitalist, it cost $35,404 to mine a single Bitcoin last year, more than the value of Bitcoin at that time. Illegal miners can increase their profits by relying on a venue that already pays for electricity.

Since 2017, the Russian business portal TA Adviser has reported dozens of illegal mining incidents, with perpetrators mining cryptocurrency on the premises of universities, mental hospitals, government buildings, and airports, among other locations. While most of these incidents involve illegal connections to electricity sources, a portion also involves direct theft of mining equipment and other related crimes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Massachusetts Man

Mine Crypto

Nadeem Nahas

school crawl space

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Massachusetts Man Is Indicted After Using School’s Crawl Space To Mine Crypto

Key Points:

  • Massachusetts man, identified as Nadeem Nahas, a former assistant facilities director for Cohasset, MA, is facing charges for fraudulent electricity use and vandalism after reportedly mining cryptocurrency in a school crawl space.
  • The original article did not report which cryptocurrency Nahas mined, but Bitcoin is commonly mined in both legitimate and illicit mining operations.
  • Since 2017, the Russian business portal TA Adviser has reported dozens of illegal mining incidents, with perpetrators mining cryptocurrency on the premises of universities, mental hospitals, government buildings, and airports, among other locations.
Massachusetts man, identified as Nadeem Nahas, a former assistant facilities director for Cohasset, MA, is facing charges for fraudulent electricity use and vandalism after reportedly mining cryptocurrency in a school crawl space.
Massachusetts Man Is Indicted After Using Schools Crawl Space To Mine Crypto

The town’s facilities director discovered computers and assorted equipment in the crawl space in December 2021, and later reported it to the police. The town’s IT director confirmed that the configuration was a crypto-mining network connected to the school’s electrical system.

Nahas was identified as the suspect, and he reportedly resigned from his position in early 2022. He was set to be arraigned on Feb. 23 but did not appear in court, leading the judge to issue a default warrant for his arrest. The original article did not report which cryptocurrency Nahas mined, but Bitcoin is commonly mined in both legitimate and illicit mining operations.

Illegal crypto-mining operations are prevalent, as electricity costs can greatly offset Bitcoin mining profits. According to Visual Capitalist, it cost $35,404 to mine a single Bitcoin last year, more than the value of Bitcoin at that time. Illegal miners can increase their profits by relying on a venue that already pays for electricity.

Since 2017, the Russian business portal TA Adviser has reported dozens of illegal mining incidents, with perpetrators mining cryptocurrency on the premises of universities, mental hospitals, government buildings, and airports, among other locations. While most of these incidents involve illegal connections to electricity sources, a portion also involves direct theft of mining equipment and other related crimes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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