Crypto miner in Taiwan arrested for power theft worth $3m

A Bitcoin miner was arrested in Taiwan recently. The miner was using three million dollars ($ 3 million) worth of electricity to mine fourteen million ($ 14 million) worth of Bitcoin. The miner goes by the name of Yang. Yang had allegedly been conducting seventeen (17) illegal mining procedures.

He was doing this by establishing fake shops or points in the city of Tianjin, Taoyuan, and Hsinchu. Yang set up his whole system by changing the wiring of the power supply system in the buildings he had rented for the setup. He then changed the route of the electricity towards his private setup.

He was caught doing this by the police when the national electricity suppliers noticed some abnormal activity. An abnormal amount of power was used in one of the buildings Yang had rented. When the police were sent to see what was wrong they discovered Yang’s enterprise.

Deputy head of Taiwan’s Criminal Investigation department gave a statement regarding the issue saying that the department had hired electricians to understand the issue at hand. This is not the first case of electricity theft in China. The electricity theft for mining purposes is gradually increasing in number.

In April of 2017, police faced the largest case of electricity theft in China. About six hundred (600) mining devices were seized in Tianjin. The mining trend in China is slowly wearing off because the largest maker of mining chips in China will have to let go off over fifty percent (50%) of its staff because of the continued downtrend in the crypto market.