The Chinese government has confiscated nearly 7,000 Bitcoin ASICs that illegally consume electricity
On December 22, local news outlet CCTV reported that the Chinese government had seized nearly 7,000 cryptocurrency mining machines and illegally consumed electricity. Chinese authorities seized 6,890 Bitcoin ASICs in the Kaiping district of Tangshan near Beijing.
The Tangshan police said it has cooperated with the State Electricity Department and other departments to conduct a comprehensive inspection of more than 70,000 households for their electricity.
They further inspected factories, mines, yards, 3,061 merchants, 1,470 communities and villages. The inspection was conducted by Tangshan police in collaboration with the State Department of Electricity and other authorities seeking to examine suspicious electricity use.
During the investigation, which began in April last year, authorities seized 6,890 ASIC miners and 52 high-power transformers. According to police, cryptocurrency miners stole electricity from a nearby village. The police also said that Bitcoin (BTC) mining machines operate 24 hours a day, consuming electricity at a price 40 times higher than a normal family.
A private transformer is suspected to be Chinese police first found in a residential area in a village in Shuangqiao Town, Kaiping District, Tangshan, Hebei. That privately-connected transformer was used to mine bitcoins with 1,906 Bitcoin ASICs seized at the facility.
Police tracked the lead and confiscated three high-power transformers and 790 bitcoin miners stealing electricity in a nearby village.
The allegations that these operators have stolen electricity, sometimes the police who are exposed by the electricity supplier themselves may notice abnormal use of electricity.
Bitcoin mining itself is not illegal in China, but the Chinese Communist Party is hostile to cryptocurrencies, with cryptocurrency exchanges banned in the world’s second-largest economy.
Exactly what they intend to do with these ASICs is unclear. You expect them to auction them off, but in places like the Venezuelan government uses only confiscated bitcoin ASICs to mine.
Chinese police crackdown on bitcoin miners more than $ 3 million in stolen electricity
Police in eastern China have sabotaged a group of illegal bitcoin mining companies that stole electricity worth nearly $ 3 million to create this digital currency, prompting a local electric company. pay for investigators.
Police in Zhenjiang, eastern Jiangsu province, said officers confiscated nearly 4,000 mining equipment from an illegal bitcoin operation that stole nearly 20 million yuan.
Valuable police, this is the largest of the stolen electricity that Jiangsu has cracked since the founding of the new China, and a rare nationwide occurrence, Zhenjiang police said in an online statement.
Authorities say they were initially overthrown by a local power company, which reported unusual electricity usage.
Police have enforced user measures against more than 20 criminal suspects and the case is under investigation.
Read more:
- Linkedln: Bitcoin’s bear market is the reason for the decline of Blockchain development demand
- Fed liquidity pumping could affect the Bitcoin stability