Thai to Mine $3.25M Worth Crypto With Stolen Power

Yang rent 17 stores, used their electricity and hired electricians who helped him hide the real consumption of energy resources
27 December 2018   632

Taiwan authorities have arrested a local resident suspected of stealing electricity for mining cryptocurrency, CoinDesk reports, citing a local source.

For the mining of Bitcoin and the Etherum, a Taiwanese resident by the name of Yang used sources of electricity from the 17 stores he rented. To maximize the profitability of his operations, Yang hired electricians who helped him hide the real consumption of energy resources.

Using such a scheme, Young managed to get a cryptocurrency in the amount equivalent to 100 million new Taiwan dollars ($ 3.25 million).

In the fall, a Chinese court sentenced a miner to a prison term of 3.5 years for stealing electricity

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   201

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.