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Bitcoin News

Chinese Police Confiscated 600 Mining Rigs

Police officers in the north China City of Tianjin were left with no option than to confiscate 600 mining rigs

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Xinhua news agency reported that police officers in the north China City of Tianjin were left with no option than to confiscate 600 computers which were allegedly being used by residents to mine cryptocurrencies. The media outlet noted that the police had to carry out the urgent confiscation after a report of abnormality was made by a power grid operator in the area.

Mininr Rigs and fans

It was further stated by the news media that the local police specified that 8 high-power fans were confiscated in addition to the 600 computers, making it the largest power theft case they had seen in recent years.

Following this action, sources report that the local power company after a close monitoring recorded a sudden increase of about 28% at the peak in line loss on an electricity line. The company mentioned that this has a close connection with an increased load current, and investigation finally revealed that it was caused by the short-circuiting of the junction box of the electricity meter in question as a way to avoid billing.

Mining rigs were confiscated

Mining rigs were confiscated

It will be recalled that China has been imposing several regulatory measures on crypto exchanges, such as placing a ban on ICOs since last year. These regulatory measures have led to a general mainstream crypto-crackdown in China, causing many start-ups, including Qtum, to seek investors abroad.

This has also led to people devising risky means to obtain cryptocurrencies, one of which is utilizing crypto mules and peer-to-peer networks to substitute the losses caused by the strict regulatory measures. According to media outlets, underground crypto traders were resorting to purchasing cryptocurrencies in other markets. They put them up for sale at a premium price to Chinese investors who will have to pay higher prices to purchase the coins. Reports indicated that these underground traders sold Bitcoin at a price which was about 30% – 40% higher than what was sold in other markets in January.

Shenzhen still left untouched

Despite some areas having crackdowns of mining operations, major electronics hubs such as Shenzhen still has a fledgling mining scene. From Bitmin S9s and other ASICs being sold in computer stores – to modified hardware, the cryptocurrency mining scene is thriving.

AsiaCryptoToday is a team of executive Asia Crypto Researchers set to bring you the latest Cryptocurrency News from Asia (Vechain, NEO, QTUM, Elastos)

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