RATE Group | Chinese Authorities Confiscate Nearly 7,000 Crypto Mining Machines
73094
post-template-default,single,single-post,postid-73094,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Chinese Authorities Confiscate Nearly 7,000 Crypto Mining Machines

24 Dec Chinese Authorities Confiscate Nearly 7,000 Crypto Mining Machines

Posted at 00:44h in Cryptocurrency News by

[ad_1]

Chinese authorities have seized nearly 7,000 crypto mining machines, illegally consuming electric power, local news outlet CCTV reported on Dec. 22.

The cryptocurrency mining confiscation came as part of an inspection of more than 70,000 households, 3,061 merchants, 1,470 communities, as well as factories, mines, courtyards and villages in the Kaiping District of Tangshan city. The inspection was carried out by Tangshan police in collaboration with State Electric Power Department and other authorities looking to inspect suspicious electricity use.

During the investigation, which initially started in April last year, the authorities seized 6,890 ASIC miners and 52 high-power transformers. According to the police, crypto miners were stealing electricity from a nearby village. The police also said that Bitcoin (BTC) mining machines were operating 24 hours a day, consuming electricity at rates up to 40 times those of a regular family. 

Crackdown on crypto mining

China, whose BTC miners…

[ad_2]

Source link

Tags:
, , , , , ,