PGH Elektro Thief Uses $250,000 USD Worth Of Electricity For Crypto Mining In Germany, Gets Arrested


Electricity Thief In Operation Of Crypto Mining Firm Arrested In Germany

The mining of cryptocurrency takes a substantial amount of currency, leading many mining companies to seek out countries with low costs. However, there are some less honest miners and even companies that have chosen to steal electricity to do so, but many get caught. Such is the case is within Klingenthal, Saxony, where a group of people were recently arrested for electricity theft.

The German city’s police officers found the group operating a cryptocurrency farm, made up of 49 computers that were in operation at the former location of PGH Elektro, which was an electrical services company in the area. Records suggest that the operation has been in effect since at least 2017, stealing electricity from a minimum of 30 separate households, worth about 220,000 euros.

A local news site reported that there was cryptocurrency mining hardware on over half of the computers, with 80 GPUs installed amongst them. The police raided the computers, and there were five men and one woman operated for the thievery.

However, this is hardly the first case of electricity theft in the name of cryptocurrency. In Taiwan last month, a theft of approximately $3 million took place at the hands of one man, accounted for in Bitcoin and Ethereum. The suspect is believed to have mined over $14.5 million during his operation, after ordering electricians to rewire the location in a way that wouldn’t allow for metering of the electricity, and wouldn’t alert authorities of the theft.

Two months prior, a Chinese citizen stole power from a train station to make his mining operations possible. The electricity provided the power needed to run 50 Bitcoin miners and three electric fans constantly, though these actions led to a 3.5-year sentence.

In May last year, employees at the National Police headquarters in Rivne, Ukraine were using their work resources to make mining crypto possible. The mining led a regional bureau investigator to ultimately confiscate the materials involved in the electricity theft, including a full computer system unit, two hard drives, a motherboard, eight video GPUs and six power supply units.

https://bitcoinexchangeguide.com/bitcoin-btc-ethereum-eth-xrp-ripple-and-eos-price-analysis-watch-feb-7th/

Get Daily Headlines

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

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide