Bitcoin Miners in China arrested for stealing $ 3 million in electricity

Bitcoin Miners in China arrested for stealing $ 3 million in electricity

bitcoin mining

The police have been busy in southwestern China. The Chinese police stopped an illegal bitcoin mining facility in Jiangsu province. The miners who were behind this had stolen more than $ 3 million in electricity. This allowed them to get Bitcoins for free.

Mining of cryptocurrencies

The mining of cryptocurrencies such as the Bitcoin works by solving difficult algorithms. Although this process is fully automatic and you could run it 24 hours a day, a lot of electricity costs are involved.

4000 mining devices

After fully investigating the illegal practices, the Zhenjiang Police found that the miners had nearly 4,000 mining devices running. Together they were guilty of stealing nearly 20 million yuan ($ 2.9 million) in electricity.

This is the largest case of stolen electricity in Jiangsu province so far.

Investigation

The police have arrested more than 20 suspects who are currently being interrogated. When this investigation is completed, the police expects to be able to tell more about the illegal activities.

It is not yet known how many Bitcoins the miners managed to obtain.

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About Viktor Sokolov 88 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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