Chinese Authorities Seize 200 Bitcoin and Ether Mining Rigs Over Electricity Theft

Chinese Authorities Seize 200 Bitcoin and Ether Mining Rigs Over Electricity Theft

According to Xinhua, police based in Anhui Province captured the gear used to illegally mine cryptocurrencies, such as 200 computers after nearby electricity suppliers reported a large sum of stolen power.

The defendant, called Ma, is accused of resisting 150,000 kW hours of power in under two weeks. “Hanshan County authorities decided that the power meter for its supposed cryptocurrency mining operation was short-circuited, which was probably an effort to dodge the power invoice ,” wrote the press.

The crypto mining task is consuming a massive amount of power. Because of their effort, miners are rewarded using coins that are virtual, thus regaining the first investments (in case the value of the money rises ).

The Price of electricity was 6,000 yuan

According to the report, the defendant disclosed the investment in mining gear was created in April 2018 prior to consulting electricity intake prices that reached 6,000 yuan or $923 at the moment. The authorities confirmed that the defendant hadn’t recovered his/her investment before he had been captured by the police.

“Bitcoin and ethereum mining are greatly power-consuming procedures based on high-speed computers. Bitcoin and ethereum are distinct variations utilizing the blockchain technologies ,” reported Xinhua.

Similar prohibited action…

Police have captured 600 Bitcoin (BTC) mining apparatus after several regional operators reported excess power consumption. Over six taxpayers are suspected of participation in this illegal operation.

China is regarded as among the most influential players on the planet’s crypto mining marketplace owing to the cheap power and labour force. Even if internationally the crypto business faces several issues, the nation continues to capture more and more crypto mining centers, some of which execute illegal operations.

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