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Crypto miner arrested in China for stealing electricity

Chinese police has arrested a man for allegedly stealing 150 000 kW hours of electricity for bitcoin and ethereum mining.

 

The police has made the arrest and confiscated more than 200 computers after a local power grid operator reported abnormal electricity usage, Xinhua news agency says.

 

According to police sources the electricity grid for the suspected cryptocurrency mining operation had been short-circuited in an attempt to minimize the power bill.

 

The amount of electricity the suspect has stolen for just one month is enough to power more than 150 homes. 

 

Similar allegations have led to the arrest of bitcoin miners in China before.  At least two other bitcoin miners were arrested in April for allegedly stealing power.

 

The Chinese government has toughened regulation over bitcoin and other digital cryptocurrency to rein in financial risks, with exchanges closed and trading halted. 

 

Crypto currency mining is a process in which transactions with crypto currencies are verified and added to a block chain digital ledger. 

 

And although  mining Bitcoins was profitable back in 2009, presently the up-front investment and maintenance costs just doesn't make it viable for consumer-level hardware. Now, Bitcoin mining is reserved for large-scale operations only, mostly in China. 

 

TAGS: Bitcoin  China  Crypto currency 

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