Illegal Bitcoin Mining in China: Electricity thieves cause millions in damage | BTC-ECHO
More than 20 people are suspected in Jiangso, a province in eastern China, of illegally mining bitcoin mines. The police began to investigate after a local energy company reported unusually high power consumption. Overall, the illegal mining companies stolen electricity worth around 20 million yuan (just under 2.9 million US dollars).
The police in Zhenjiang said the officers seized nearly 4,000 miners from the illegal bitcoin operations. This should not only please the Chinese law enforcement officers with regard to the illegal use of electricity.
Out for miners in Bitcoin stronghold China?
Many mining companies chose China as their location because of the excess of cheap electricity. In fact, the world's largest mining pools are in the People's Republic. Likewise, China has the most private Bitcoin investors. So far, the Chinese government's restrictive stance has not changed anything: as early as 2017, China had banned ICOs and closed all domestic Bitcoin exchanges. For example, as a result of the crypto-negative policy, Binance, currently the largest trading exchange for Bitcoin and Altcoins, has moved its headquarters and servers from Hong Kong to Tokyo and then into crypto-friendly Malta. Recently, the Chinese People's Chamber announced on April 8, 2019, to want to ban Bitcoin mining. BTC echo reported.
Bitcoin investors are unimpressed by the regulatory efforts and prohibitions of the Chinese government. And even the recent announcement to eliminate the mining from China, did not change the positive mood on the stock markets, quite the contrary: So the Bitcoin price climbs steadily since April 2019, with a provisional annual high of almost 13,800 Dollars on June 27th. Since then, the course has been very moving, in both directions.
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