In China Police Arrested Cryptocurrency Miners for Power Theft
June 25, 2018 3:17 pm
Authorities in China Arrested Digital Currency Miners for Power Theft
Chinese Police have detained a man for purportedly stealing a significant amount of power to fuel a private digital currency mine.
As per Xinhua news agency, Police in the eastern Chinese province of Anhui seized more than 200 computers utilized for bitcoin and ether mining after the local power grid company recorded a spike in electricity use.
One suspect supposedly had stolen 150,000 kW hours of electricity between April and May 2018, when the power grid first warned police of the theft. The Chinese National recognized only by his surname Ma, reportedly said to the police that he dreamed of making money through crypto mining.
He purchased the hardware in April but later found out the daily power cost was over 6,000 yuan ($921). Thus, Ma stated, his mining operation was not profitable at the time of his capture.
The allegation of power theft has led to the imprisonment of bitcoin miners in China before. In April, there were at least two cases where bitcoin miners were taken into custody allegedly stealing power.
In another case, six individuals were detained in Tianjin. Police alleged that the suspects used 600 digital currency miners to generate bitcoin with power taken from the local power grid. Xinhua News agency told that this might have been the “largest power theft case in recent years.”