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Chinese police seize nearly 4,000 illegal mining hardware

bitcoin mining is mainly eco friendly

Chinese law enforcement in Zhenjiang, Jiangsu province have arrested 22 suspects reportedly involved in the illegal mining of cryptocurrencies at the expense of as many as nine factories in the city.

According to the report, the criminals were detected after the local energy agency reported an abnormal spike in energy consumption in the region, totalling to a surplus of nearly $3 million worth of power.

The police have currently seized 4,000 BTC miners from these factories and are now continuing the investigation on the suspects to find out just how much BTC they’ve mined in the process.

Even if the mining activity had been legit. Meaning that the miners paid due bills on electricity, it would still garner at least some kind of crackdown from the local police as China is in the process of deciding to place a ban on the activity.

They in no way shape or form support the business, despite the fact that they’re the largest producers of both cryptos and crypto mining hardware.

It’s very likely that the 22 suspects arrested on July 12th will be prosecuted according to the local law and based on the number of stolen funds.

The only way they can find a way out is to have all of their mined assets revoked and placed under serious surveillance in the future.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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