de | cn | ru

Market News

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 

Related forex news

Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

More Forex Market News

Ex-BinaryBook employee who turned into a “recovery agent” pleads guilty to fraud

Mar 19 2019 12:30:30

  Ex-BinaryBook employee Austin Smith pleaded guilty to investment fraud in US court previous week. Ironically, Mr. Smith now runs a company that is supposed to help victims get their money back from binary options scams like BinaryBook. Read more

CONSOB orders RichmondFG, PTBanc, Get Financial, and CryptoEU to cease illegal operations

Mar 18 2019 17:39:16

Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) warned that RichmondFG, PTBanc, Get Financial, and CryptoEU are not licensed to provide financial services in Italy, and ordered them to cease operating illegally in the country. Read more

ColmexPro pays €50 000 in settlement with CySEC

Mar 15 2019 14:44:08

  The Cyprus Securities and Exchange Commission (the “CySEC”) has announced on Thursday that it has reached a settlement with ColmexPro of EUR 50 000. Read more

UK’s FCA updates its warning list with Kruger Exchange and PT Banc

Mar 14 2019 09:04:36

  The Financial Conduct Authority in the UK updated its list of unregulated forex and CFD brokers with Kruger Exchange and PT Banc. According to the regulator, these entities have been offering, promoting or selling financial services or products in the UK without its authorization. Read more

Millennium FX, Tradovest and ForexGrand end up on CNMV’s warning list

Mar 13 2019 15:35:00

  Unregulated forex brokers Millennium FX, Tradovest and ForexGrand have been the latest additions to the warning list of Spanish financial watchdog, the Comision Nacional del Mercado de Valores (CNMV). Read more

Italian financial regulator adds Mib700, Vix500 and DeltaFxMarkets to its warning list

Mar 11 2019 14:48:18

  Italy's Commissione Nazionale per le Societa e la Borsa (CONSOB) has updated its warning list with unregulated brokers Mib700, Vix500 and DeltaFxMarkets. The regulator also ordered these companies to cease offering unauthorized investment services and activities to the Italian public. Read more

Germany’s BaFin orders unregulated broker XtraderFX to cease operations

Mar 08 2019 14:11:05

  The German Federal Financial Supervisory Authority (BaFin) has ordered XtraderFX operated by GPay Ltd. to immediately cease offering investment services and advice to German investors. Read more

Spain’s CNMV warns against IWC Investment

Mar 07 2019 16:46:14

  The Comision Nacional del Mercado de Valores (CNMV) has published a statement earlier this week, warning local investors against doing business with IWC Investment. This forex broker is not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

OctaFX got licensed in Cyprus, will onboard EU clients again

Mar 05 2019 11:42:09

  OctaFX got licensed by the he Cyprus Commodities and Exchange Commission (CySEC) and is about to onboard EU clients again. The forex and CFD broker will soon launch its new domain, www.octafx.eu, which is currently under construction. Read more

Unregulated brokerages Gold FX Trading and Brokerz end up on FCA’s warning list

Mar 01 2019 10:45:58

  The Financial Conduct Authority in the UK recently added Gold FX Trading and Brokerz to its warning list of unregulated brokers. According to the regulator, they have been providing financial services or products in the UK without its authorization. Read more

de | cn | ru