FB Pixel no scriptChinese police cracks down on energy theft case involving bitcoin mining | KrASIA
MENU
KrASIA
News

Chinese police cracks down on energy theft case involving bitcoin mining

Written by Luna Lin Published on     1 min read

Share
The bitcoin site steals enough electricity to supply a family of three for 40 years on a daily basis.

Henan police have recently cracked down on a bitcoin mining site which steals, on a daily basis, enough electricity to “supply a family of three for 40 years”, according to the estimate of the local electricity firm quoted in National Business Daily, the news portal which first broke the story.

The bitcoin mining site, which consisted of more than 1,700 mining machines, was located in an abandoned factory building in the Henan Province city of Pingdingshan.

A team of more than 20 policemen and a dozen staffers from the local electricity supplier raided the site earlier this month. 2 suspects working in the site were detained on the spot.

It’s one of the largest energy theft cases involving bitcoin mining in recent years. Several such cases have surfaced since the value of Bitcoin plunged in Dec 2017 and struggling crypto mining businesses have resorted to cost-cutting measures where they could. Current bitcoin value stands at around USD 5,156.

The Chinese government plans to designate bitcoin mining as an industry that needs to be eliminated due to its huge energy consumption.

Share

Inside Grab’s SPAC mega-mergerInside Grab’s SPAC mega-merger

Insights

Grabbing the wheel: Inside the company that ran Uber off the road en route to the largest SPAC merger ever

By Brady Ng

  

  14 Apr 2021    10 mins read

See All

Auto loading next article...

Loading...