Cryptocurrency

200 PCs were seized due to mining in China

More than 200 computers used for bitcoin and ethereum mining have been seized by the police in the eastern province of China Anhui, following a complaint by the local electricity grid operator for abnormal electricity use.

The Hansean County police found that the suspect’s electricity meter had been shorted, which is explained as a rope attempt. After investigations, it was found that the suspect arrested allegedly stole 150,000 kilowatt-hours of electricity in over a month.

The arrested said to the police that he bought the computers in April in the hope of making money through the extraction of cryptosmongers. But he discovered that the daily cost of energy was over 6,000 yuan ($ 927), so when he was captured, he had not made any profit yet.

Bitcoin and ethereum mining are processes that require high power consumption, depending on high performance computers. Bitcoin and ethereum are different versions using blockchain technology, a technology that allows the recording of an enormous list of transactions in the digital currency, without being able to intervene and change it after every new transaction.

The Chinese government has toughened legislation on bitcoin and other digital encryption to curb financial risks in trade and commerce.