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Bitcoin Mining Machines Confiscated in China

Have you heard about the 600 lost bitcoin mining machines in Iceland? Well, new lead has shown where it might have landed.

Summary:
– Iceland has sent an inquiry to Chinese inquiries regarding missing mining machines.
– China reported a huge case of power theft in the Tianjin area.
– The electricity meter was short-circuited so the mining operators couldn’t pay otherwise huge bills.

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Chinas has confiscated 600 bitcoin mining machines in the Tianjin area. These machines were confiscated because the authorities discovered that electricity consumption in the area is unusually high.

The mining operators actually destroyed the electricity meter so they don’t get billed for their mining operations. According to a Xinhua report, if the meter wasn’t short-circuited, the mining process would have tallied energy consumption bill worth hundreds of thousands of Yuan.

Iceland recently had a huge Bitcoin Heist, and although not quite sure, authorities are trying to see if there is a connection between the heist and this confiscation in China.

Read more about the article written by Nikhilesh De at – https://www.coindesk.com