Chinese Crypto Miner Trying to Defraud Electricity Company Busted

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Chinese Crypto Miner Trying to Defraud Electricity Company Busted

Post by theDarkGoatisBAAAAD » Mon Jun 25, 2018 3:47 pm

Chinese police, recently, seized over 200 computers used to mine the digital currencies Bitcoin and Ethereum after a miner tried to defraud an electricity company over his power bills. The Xinhua News reported that the man stole 150,000kW hours of electricity in just one month.

A Con Creates Power Bill Problems
A suspect with surname Ma was, reportedly, busted by the police in China after he tried to con the electricity company. He told the police that he had bought his computers in April but was shocked to learn that his daily power bill crossed more than 6,000 yuan ($924).

The police unearthed the scam after the electricity meter of the miner was short-circuited. The authorities said that that it was done deliberately, “which was likely an attempt to dodge the power bill.”

China’s Mining Problem
China was the hub of digital currency mining before Beijing began cracking down on these activities. Some crypto miners went away from the country, but it is still unclear how many miners remain in the country.

Bitmain, which is the largest mining equipment manufacturing company in the world, booked over $2.5 billion in revenue in 2017. The company is looking forward to an IPO and will likely include artificial intelligence in its business model to expand its reach into emerging technologies.

It will also help the crypto mining industry get more legitimacy and transparency while opening them up to a world of new opportunities. Its competitor, Canaan Inc., another crypto mining equipment manufacturer, has already sought an IPO listing on the Hong Kong exchange. Sources close to the matter have suggested that the total valuation of the offering could cross $1 billion. ... any-busted

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