Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
A man with the Surname of Yang has been accused of stealing 100 million Taiwanese dollars (nearly $3.25 million) worth of electricity to mine cryptocurrencies. Yang is suspected of stealing power from 17 different stores in Northern Taiwan to fuel his mining operations.
Taiwanese Miner Steals More Than $3 Million Worth of Power
According to local reports, a Taiwanese man has been taken into custody for allegedly more than $3 million worth of electric power to mine BTC and ETH.
Yang is accused of renting internet cafes or toy stores located on the first floor of a building, before hiring electricians to rewire the power supply to the premises in a way that would prevent the metering of power later diverted to fuel his mining operations. The internet cafes and toy stores would be located on the first floor in order to facilitate Yang establishing a mining rig on the floor above the shop once a new owner had taken over the business.
Wang Zhicheng, the deputy head of the fourth brigade of Taiwan’s Criminal Investigation Bureau, stated: “The group recruited electricians who managed to break into the sealed meters in order to add in private lines to use electricity for free before that usage reaches the meters.”
China Cracks Down on Illegal Mining Operations
Yang is believed to have operated illegal cryptocurrency mines above 17 stores located in the municipalities of Xinbei, Taoyuan, and Hsinchu. The profits generated from Yang’s illegal mining operations are estimated to have been at least 100 million Taiwanese dollars (roughly $3.25 million).
Across the Taiwan Strait, Chinese authorities on the mainland have increasingly taken action against illegal mining operations in recent months. In September, Chinese cryptocurrency miner Xu Xinghua was fined 100,000 Chinese Yuan (roughly $14,500) for stealing electricity from a factory at Kouquan Railway during Nov. 2017 and Dec. 2017 to power 50 cryptocurrency miners that generated approximately 3.2 BTC.
In June, police in China’s Hanshan County arrested an individual for allegedly stealing 150,000 kilowatt-hours of electricity. The miner told police that he had purchased the mining equipment just two months earlier and that he had failed to turn a profit at the time of the arrest.
What is the craziest way to mine cryptocurrency that you have encountered? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.