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Chinese Police Raided Bitcoin Mining Farm

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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.

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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. 

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