Iceland's Stolen Mining Farms May Be In China

Heist of 600 Bitcoin devices was one of the biggest crimes in modern history of Iceland
07 May 2018   2536

600 Bitcoin mining devices, stolen in Iceland, now may be in China, CoinDesk reports.

The police of Iceland sent a request to the Chinese authorities after they learned that they had confiscated 600 mining computers. The Tianjin police seized the devices after discovering an unusually high consumption of electricity in their territory.

The Chinese media then reported "the largest electricity theft in recent years," adding that 8 industrial fans were also confiscated. Attackers connected to the substation bypassing the counters, thus intending to avoid the need to pay for the energy they use to mine the cryptocurrency.

However, until the end it is not clear whether the devices confiscated in China, the attitude to the "big bitcoin-robbery" that occurred in Iceland. Earlier it became known that the devices were stolen during several episodes in December and January. Their exact location is still unknown.

The alleged organizer of the crime should be extradited to Iceland from the Netherlands, where he went, leaving prison on his own, after visiting Sweden.

Argo Blockchain to Report on x10 Revenue Increase

For the 2019, the company received Bitcoin mining revenue of £ 8.5 million, in 2018 it was £ 760,000
20 January 2020   116

Bitcoin mining company Argo Blockchain said this Monday that its revenue from its core business in 2019 increased 10 times. According to a press release on the website of the London Stock Exchange (LSE), where Argo shares are traded, for the first full year in business, the company received revenue of £ 8.5 million compared to £ 760,000 in 2018.

Argo listing on the main LSE market took place in August 2018. The data presented were not audited - the reports after the audit will be available in April.

The company clarifies that in the fourth quarter of 2019, it mined 432 bitcoins, which is six bitcoins higher than in the third quarter. However, in the last quarter, the company's revenue fell to £ 2.66 million, while in the third quarter it was £ 3.63 million.

Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.

 

Peter Wall

Argo Blockchain CEO

 The company is increasing mining capacity in anticipation of halving and currently has 13,364 devices, including 6,375 Bitmain Antminer T17s, which were installed on January 1. By the end of the quarter, Argo intends to add another 3,625 of the same miners. It is estimated that with a full set of 17,000 devices, its computing capacity will exceed 650 petaheches.