Home » Chinese Police Raided Bitcoin Mining Farm

Chinese Police Raided Bitcoin Mining Farm

mining 864x467 - Chinese Police Raided Bitcoin Mining Farm


Eastern China police has raided an illegal bitcoin mining farm  following a surge in local electricity usage. The investigators learned of the theft from a local power provider.

More than 20 people participated in the particular mining operation the police had identified. The police, who confiscated 4,000 “mining devices,” allege the mining farm misappropriated nearly 20 million yuan ($3 million) in electricity costs. 

“In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,” Zhenjiang police reportedly said to AFP.

Bitcoin mining is still popular in China: 50 percent of the global bitcoin computing power was located in southern China.

Join to our Telegram channel HYIP.com to be always up-to-date with the latest news of the cryptocurrency space.

Cryptocurrency industry has been under heavily scrutiny from the Chinese government since 2017. Back in September 2017, the Chinese authorities implemented a raft of stringent regulations that severely restricted cryptocurrency activities. This included a ban on Initial Coin Offerings and fiat to Bitcoin exchanges. However, Chinese companies remain the largest mining equipment suppliers. 

(Visited 1 times, 1 visits today)



Source link

180706 hyip 728x90 1 - Chinese Police Raided Bitcoin Mining Farm
Share This Post
Have your say!
0 0

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>