Chinese police catches illegal miner

Posted 23 June, 2018

The police in Anhui Province, China, has caught another illegal crypto miner. The local power supplier detected extra high electricity consumption and reported to the corresponding authorities.

As a result, the police carried out an investigation and seized 200 computers for mining Bitcoin and Ethereum. It was found that the suspect short-circuited its electricity meter to avoid heavy electricity costs. Specifically, as the suspect stated, he had to pay CNY 6,000 ($923) per day for electricity while mining the cryptocurrencies.

The suspect told the police:

"He bought the computers in April in the hopes of making money through mining, but found out the daily power cost was more than 6,000 yuan (927 U.S. dollars)." 

According to the report, the total amount of stolen electricity is some 150,000 KWh. Notably, it was said the despite all attempts, the mining failed to bring money. For reference, mining of Bitcoin and Ethereum is a very energy-consuming process and requires enormous amounts of electricity.

As it was reported earlier, Chinese police recently arrested hackers that managed to get $800,000 in terms of Siacoin via illegal mining at infected computers in internet cafes.

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23 June, 2018 14:41

← Tokyo district court greenlights civil rehabilitation for Mt. Gox

On Friday, June 22, the district court of Tokyo ordered to commence the process of civil rehabilitation following the petition lodged back in November 2017. The current bankruptcy case of Mt. Gox will be paused for that purpose, as the report reads. The civil rehabilitation will mean that the platform's trustee Nobuaki Kobayashi will be no longer able to sell bitcoins as a way to offset the losses.

Tokyo district court greenlights civil rehabilitation for Mt. Gox

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23 June, 2018 11:22

Users fill134-page complains against Coinbase →

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