Wanna Be Miner Has Computers Confiscated After Tapping Public Power Grid to Do His Work
Cryptovest
Published Jun 24, 2018 11:12AM ET
Wanna Be Miner Has Computers Confiscated After Tapping Public Power Grid to Do His Work
It’s no secret that Chinese officials don’t particularly care for anything in the crypto space.
Like so many governments, Chinese government officials worry that the crypto space is fraught with too many financial risks. To keep its citizens safe from these risks, officials have cracked down on the space, with their efforts including closing down exchanges.
They’ve pretty much outlawed anything related to cryptos. However, in line with the saying, “where there’s a will, there’s a way” the Chinese government’s stance on the space is not getting in the way of the determination of many of its citizens who want in on the crypto action.
Let’s discuss what this culprit did.
h2 Setting their sights on mining/h2The most recent example of “where there’s a will, there’s a way” came recently when government officials confiscated more than 200 computers that were thought to be being used to mine Bitcoin and Ethereum.
Officials at the local power grid reportedly alerted the police when they noticed abnormal electricity.
According to XinhuaNet, Hanshan County police found that the electricity meter for the suspected cryptocurrency mining operation had been short-circuited. This was likely done to avoid being billed.
The culprit allegedly stole 150,000 kW hours of electricity in at least one month’s time.
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h2 Confession?/h2It seems the culprit was honest, somewhat. He reportedly told police that he’d bought the computers to mine cryptos. Although he thought he could make money from the process, he realized that any money made would eaten up by the high energy costs he’d incur.
So his solution was to turn to stealing.
Interestingly, it seems that his efforts didn’t pay off, literally. When the cops confiscated the computers, he’d reaped no money.
This article appeared first on Cryptovest
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