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Chinese Crypto Miner Arrested for Stealing Electricity

Chinese crypto miner arrested: A man has been arrested in the Anhui Province of China for allegedly stealing 150 megawatts (MW) of electricity.

Chinese Crypto Miner Arrested

Local media outlet Xinhua reported the arrest today, stating that the man, known under the surname Ma, had more than 200 computers that he was attempting to mine both Bitcoin (BTC) and Ethereum (ETH) with. The computers have now been confiscated, along with the arrest of Ma.

Ma said that he had purchased the computers back in April, unaware of how much it would cost him to attempt such a large crypto mining operation. To his dismay, he discovered that it would cost him over 6,000 yuan, which translates into approximately $930 USD, per day. Ma had hoped that he would earn a profit by crypto mining, but by the time he was arrested, he still hadn’t made any money.

His solution to the expense of running all the computers was to short-circuit the electricity meter, which is how the police found it.

Ma’s crypto mining operation was discovered after the local power grid operator noticed an abnormal amount of energy being consumed and informed the police.

The Hanshan County police suspect that Ma could have stolen as much as 150 MW since April.

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The Energy Crisis

Bitcoin and Ethereum mining consume a large amount of power, as was evidently discovered by Ma. In fact, one peer-reviewed study believes that Bitcoin mining alone will use up 0.5% of the world’s energy by the end of this year.

Crypto mining networks are reportedly consuming more power than 159 countries combined.

Do you think that crypto mining is causing an energy crisis? Does something need to be done?

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Featured image: Comfreak via Pixabay

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County in Montana Delays Decision to Suspend Bitcoin Mining Operations – Crypto Currency News

After a wave of Bitcoin mining operations set up in areas with affordable electricity, places like Montana’s Missoula County needed to make a decision over the impact these operations have on the region.

Earlier this month, it was reported that Bitcoin’s (BTC) energy footprint had nearly doubled in six months and was expected to grow. According to the study, Bitcoin could be using up approximately 0.5% of the world’s energy by the end of the year, almost the same amount used by the Netherlands.

Needless to say, most people might not want that to happen.

On Thursday, the Missoula County Commission decided to delay its decision over the suspension of Bitcoin mining to August 2018, according to the local news site the Missoulian.

The hearing lasted nearly two hours where presentations and comments from the public were made on the topic of Bitcoin mining operations.

Missoula County Commissioner Jean Curtiss had said at the end of the hearing that “we all understand that we don’t understand,” while County Commissioner Cola Rowley noted that this could be a good time for “education and outreach.”

The county fears that the energy consumed by these operations could “pose a reliability and safety risk to local electric distribution systems, and affect electric rates for other customers” and that “the high energy loads could pose a fire hazard, and create electronic waste.”

If approved, the decision would impose a one-year ban on Bitcoin mining and any new or expanding cryptocurrency activity.

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Other regions that have suspended Bitcoin mining projects include the Canadian province of Québec, who announced in March that it’s utility services provider Hydro-Québec will not be taking in any more applications for the development of mining operations.

The demand for energy was beginning to exceed that supply that Hydro-Québec could supply.

Do you think these Bitcoin mining operations should be suspended until we find better reusable energy sources?

Featured Image: DepositPhotos/znm666

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