China's Tianjin launches case on power theft under crypto mining

Posted 25 April, 2018

On Wednesday, law enforcement authorities of China's Tianjin confiscated 600 computers for bitcoin mining after receiving reports about extremely high power consumption. It has been already launched an investigation against 5 persons.

For now, one of the suspected has been already arrested by the police. According to the authority statements, electricity was taken from the local power grid and they did not pay the bills.

This issue followed the statement of Beijing's offensive position towards cryptocurrencies. At the same time, earlier China had a leading role in crypto mining. Miners require high-performance capacities, which consume an enormous amount of electricity. As the commented spokesperson of a local police department, this was the biggest power theft detected in China.

Noteworthy, it has been also reported today that police authorities arrested other two suspects in power heist in Wuhan. Specifically, they were said to use the unoccupied warehouse to place mining capacities since early 2017 and did not pay bills, like in  Tianjin.

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26 April, 2018 10:49

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Strong 10Y US state bonds keep boosting US dollar →

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