A Gang Arrested Over Bitcoin Miner Theft

Nine thieves were arrested in connection with the theft of cryptocurrency mining equipment in Malaysia
28 February 2018   175

According to local news, the theft occurred in the town of Seri Kembangan. the gang was arrested at around 10 pm on February 23. Assistant Commissioner Megat Mohammad Aminudin Megat Alias stated that they tried to sell mining equipment via social media, particularly on Facebook. Nine thieves stole at least 58 machines.

The police managed to recover 58 machines worth more than RM500,000 (US$127,000).

More than that, members of this gang are suspected of involvement in other similar cases. These include the theft of an additional Bitcoin mining rig in Seri Kembangan on February 16.

We received four other similar reports in three areas in Serdang. We managed to solve two cases with the arrests of the suspects. As for the remaining cases, we have credible leads and the investigations are still ongoing.

The Assistant Commissioner

Largest mining farm to be built in the UK

The well-known UK tech company Bladetec is building the first large Bitcoin mining farm in Europe
20 March 2018   192

Bladetec had already got an experience in IT support for NATO and the Ministry of Defence of the UK in the past. Today its idea is funded by investors in a limited company which is protected by UK law.

The facility - Third Bladetec Bitcoin Mining Company (TBBMC), situated on the Southeast of the country, is going to cover 3,500 square feet in three different places: in London, Suffolk and Surrey.

Today the company is raising £10 million from investors for building and operating the farm for up 2 years. The farm will become global and significant, also it is supposed to be introduced in the world`s top 25 and produce considerable return for shareholders (as a result of its dominant position).

The minimum investment to TBBMC project set by the company is £ 5,000 from each applicant. The project allows the capital growth up to even 45 % within a period of 2-3 years. The returns for the shareholders at that stage would be based on the Bitcoins sales`proceeds and the ASIC machines. If the price of Bitcoin does drop by 40 %, an investor may lose 22 % of his capital.

The company declared that it is going to mine 1,280 bitcoins within a period of two years. Nowadays it's difficult to predict how much those Bitcoins may be worth in two years. According to current prices, they will be valued at £ 7,8 million. But the situation may probably change before 2021. As for the raised funds, they would mostly be spent on the energy costs, despite the low energy bills' agreement between Bladetec company and the intended wind farm.

Bitcoin mining is more popular in the countries where the weather is cold (such as Iceland and China). The government of Iceland can implement a tax on mining because of the energy consumption. Chinese authorities insists on the ending of the cryptocurrency trading and mining in the country.