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It has been reported by The Guardian that Chinese police have seized nearly 4,000 illicit Bitcoin mining devices after the operators stole almost $3 million in electricity. Authorities were tipped off by a local power company, who noticed the increase in energy consumption.
Police in Zhenjiang, in eastern Jiangsu province, discovered and removed almost 4,000 Bitcoin miners after operators stole nearly 20m yuan ($3m) worth of electricity. In a statement released by Zhenjiang police, the theft was described as the biggest in the areas recent history:
"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..."
Police were notified after a local power company noticed an increase in the amount of electricity being used on the grid. Now, over 20 suspects are in custody and being investigated, and the authorities claim they are taking "compulsory measures" in the situation.
China is notoriously cautious about cryptocurrencies, despite half of the worlds mining farms being located there. Will we see more mining operations shut down, or will legal miners be fine? Stick with Chepicap for all updates!