(BlockBar) On July 11, Zhenjiang police revealed that the police successfully cracked a huge case of stealing electricity worth nearly $3million by mining for bitcoin with nearly 4,000 devices.
In China’s eastern and central coastal province of Jiangsu, nine factories have seized 4,000 hardware units illegally used to mine cryptocurrencies, such as bitcoin (BTC).
According to the local news, Police in jiangsu province have launched a criminal survey after local power companies reported unusually high electricity consumption. After nearly two months of investigation, around 4 am on May 20, Zhenjiang police implemented an arrest operation to seal 9 “mining” equipment places. This action caught 22 people involved in the scene, sealed more than 4,000 sets, and also ferreted out facilities for stealing electricity. “Each ‘mining’ device can consume 25 to 50 KWH of electricity per day depending on the type.” As stated by Zhenjiang Power Supply Company, “Thousands of ‘mining’ equipment running 24 hours at the same time, power consumption is very surprising. “ Zhenjiang Quality Supervision Department and zhenjiang Power Supply Company jointly confirmed the stolen electricity value of nearly $3million.
China is a well-known cryptocurrency mining giant, producing 70 percent of the cryptocurrency each year in spite of a ban on bitcoin trading from 2017. Many bitcoin mining pools are based in China because of a glut of cheap electricity. China is also the world’s largest maker of cryptographic mining hardware-mining computer chips called asics.
In early June, Chinese police gathered evidence that people were laying cables through fish ponds to steal electricity from oil well to fuel bitcoin mining. Meanwhile, unconfirmed reports suggest that some Chinese miners are also doing business in Iran because of cheap energy prices.
At present, more than 20 suspects have been taken criminal enforcement measures and the case is still under further investigation.
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