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Chinese Authorities Seized Nearly 7,000 Crypto Mining Machines

Chinese authorities have seized nearly 7,000 crypto mining machines, which illegally consuming electric power.

#Chinese authorities have seized nearly 7,000 #crypto #mining #machines, illegally consuming #electric power, local #news outlet #CCTV reported on Dec. 22. #Blockchain #Crypto #Bitcoin #Digital #Money #Coins #Dollar #Banks — Blockchain News (@Rakamoto) December 23, 2019

On December 22, it has been reported by CCTV, a local news outlet, that 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.

However, the inspection was carried out by Tangshan police in collaboration with the 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 by consuming electricity at rates up to 40 times those of a regular family.

However, China, whose BTC miners are currently responsible for as much as 66% of the global hash rate, has been actively fighting illicit use of energy by crypto miners. In mid-November 2019, regulators in China‘s Inner Mongolia Autonomous Region tightened their grip on crypto mining companies, as they intend to dispatch inspection units to assure the “clean-up and rectification of crypto token mining companies” in the region.

Likewise, some other jurisdictions like Abkhazia have also intensified work on the identification of crypto mining farms. Moreover, the government brought to notice earlier in December that the significantly increased loads on electric networks were aggravated by the emergence of an ever-growing number of illegal crypto mining farms connected to a local power utility.

In November 2019, Iranian authorities offered a bounty to anyone who exposes unauthorized mining operations in the country.

Thus, people who expose cryptocurrency mining operations that are illicitly using subsidized electricity will purportedly receive up to 20% of the recovered damages.

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#CryptoNewsPoint #china #CryptoMiningMachines #DigitalNotice #ChineseAuthorities

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