More

    Hundreds of Bitcoin & Ethereum Mining Rigs Seized by Chinese Police Raid

    New report just in about the collection of more than 200 computers that have been seized by Chinese Police. The computers used to mine BTC and Ether were allegedly steeling electricity. According to a report made by China’s own state press agency, Xinhua, police in the province of Ahhui, Eastern China collected the computer tech after they were alerted to it being used to steal high rates of electricity from a local power grid.

    The subject who was apprehended for stealing the electricity goes by the surname of Ma and has supposedly stolen more than 150,000 kW hours-worth of electricity in a little over four weeks. The investigation is still ongoing as police attempt to detect the exact numbers connected to the mining operation that ended up short-circuiting the electricity’s power bill.

    Cryptocurrency mining operations are known to use high amounts of energy, processing miners that are rewarded later with newly mined coins used to create blocks that validate transactions and then to ad them to the blockchain. Profits come in the form of mixed altcoins that exceed the amount of power expended during the mining operation.

    Ma, being accused of the theft, has told to chinese police he bought the equipment back in April prior to knowing the true cost of power it would take to run the operation. The daily costs are about $923 USD which is considerable. He claims to have made zero profits since starting the operation after he was caught by police.

    In another case that was similar in another province in China, they confiscated 600 BTC miners. This happened in April, after a power company noticed the strange spiked occurring in the electricity usage. More than six people were involved in the mining operations where the main of a local power junction box has supposedly been altered.

    Even though the large shock has hit the local cryptocurrency industry in what’s been called the world’s largest market. China is still home to a huge majority of the BTC mining hashrate because of the ultra-cheap labor and massive amounts of electricity, speaking relatively.

    The capital of Beijing has since then changed their approach, discouraging the government from supporting local cryptocurrency mining operations, instead cracking down on them. The scrutiny has even led to a huge change in the way miners are being looked at in the country. Now people are looking towards countries like Switzerland for their power supply as well as states like Washington in the USA.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,715FollowersFollow
    4,088FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Cryptocurrencies Decentralized Structure Makes Terrorist Financing Difficult To Track: Chainalysis

    Chainalysis has released their conclusions from a study, that has helped the firm establish that extremist groups are coming up with new ways to...

    Swiss Crypto-Friendly SEBA Bank To Raise An Additional $96.5M 2 Months After Getting License

    SEBA, is the famous crypto bank which obtained its regulatory license last year in November from the Financial Market Supervisory Authority (FINMA). The crypto...

    Open Interest on CME Bitcoin Futures Outgrowing BTC Price

    If BTC closes above the 200-day moving average, just above $9,000, we could see $10k Institutional investors leading the way for a new...

    Here’s How DeFi’s Smashing Growth Puts a Trillion-Dollar Case for Ethereum

    Total USD value locked in DeFi surpasses $800 million creates “a new paradigm for global finance” with one common theme Ether The trillion-dollar...

    This Uncannily Accurate Bitcoin Chart from Dec. 2018 Predicts a New ATH in 2020/21

    Analyst ‘s post from Dec. 2, 2018, correctly predicts Bitcoin’s bottom and momentum in 2019 Bitcoin price is currently hovering around $9,000 after surging...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.