Chinese Bitcoin Miners Busted for Electricity Theft
Some Bitcoin miners have been busted for stealing electricity according to a public statement by police in Ma’anshan, a mining town in China. Very few details are provided except to state that 74 bitcoin mining units have been seized, coinciding with a small fall in difficulty of around 1.63% on June the 8th. This is the second known case of Chinese bitcoin miners stealing electricity. Last year, 200 bitcoin mining rigs were seized following investigation by Ma’anshan’s power companies and police after reports from the public suggested possible stealing behavior. The investigation found....
Related News
One of the largest exporters of electricity in Europe has revealed details of the most significant theft they have had in history, linked to a massive illegal bitcoin mining farm in a small Bulgarian village. Bulgarian Electricity Company Uncovers Massive Electricity Theft Linked to Illegal Bitcoin Mining According to Vesti, CEZ Group and police in Bulgaria started conducting investigations on Dec. 12 in the village of Herakovo, municipality of Bozhurishte, due to growing reports of anomalies in the electricity supply. What the authorities found, the report said, was that a massive bitcoin....
Guangdong province’s Development and Reform Commission confiscated 190 crypto mining machines estimated to be worth 5 million yuan. The Guangdong province’s Development and Reform Commission has reportedly busted an illegal crypto mining farm secretly operating in an electric vehicle charging station.The secret crypto mining farm was busted in the city of Guangzhou, where law enforcement agencies have constantly been making inspections around cities to enforce and eradicate any form of mining operations in the region, reported a local publication.The covert mining operation used over 190....
According to Chinese reports, Daqing City in the People’s Republic of China recently cracked down on a ring of Bitcoin miners who were stealing electricity from the city’s oil production plants. Police there reportedly raided Bitcoin mining operations and confiscated equipment. The Chinese bitcoin community is quiet about such occurrences, but based on reports seen, twelve operations were raided and more than 1,000 pieces of bitcoin mining equipment seized over an eight month period over the course of 2016. The miners are accused of stealing electricity, and pictures reportedly show local....
Police in Malaysia’s Jahor state have busted a seven-men gang that stole 8.6 million Malaysian ringgits ($2.15 million) worth of electricity to mine bitcoin and other cryptocurrencies. ● Police said they seized 1,746 bitcoin (BTC) mining machines across 21 premises in raids carried out between Feb.15 and Feb.16, the Malay Mail reported. The miners are claimed to be worth a combined 2.6 million ringgits ($650,000). ● Seven local suspects aged between 24 and 64 were nabbed in the operation, which involved domestic power company Tenaga Nasional Berhad (TNB). ●....
Chinese crypto miners migrate seasonally from the southern regions in search of cheaper electricity. But is it always due to the climate? The behavior of crypto market participants often depends on political and economic factors: the price of crypto assets, regulations in a specific country, or political events. For Chinese miners, however, the factors differ somewhat. For several years, Chinese mining operations have been largely reliant on climate. While Western crypto companies fear falling stock prices and regulators, the survival of many crypto mining operations in China depends on....