In a bid to increase profits made from his cryptocurrency mining activities, a Chinese cryptocurrency miner has been arrested after he tried to tamper with the electricity power bill. During the raid in his house, police in China confiscated over 200 mining equipment which, according to Reuters, had used 150,000 KW hours of electrical power in a span of one month.
The suspect, who has only been identified as Ma, told the local police that after buying the equipment last month, he “was shocked to learn that his daily power bill was more than 6,000 yuan ($924).” As this was so much to take, Ma decided to trick the power company by short-circuiting the electricity meter which police considered an attempt to dodge the power bill.
Ma’s cryptocurrency mining activities involved mining bitcoin and ethereum. From last year, Chinese authorities have been cracking down on everything to do with digital currencies. Before the crackdown, China had the highest number of cryptocurrency miners but the crackdown has forced others to close down while others have moved to other countries.
In another developing story, Ukrainian police arrested 4 men who have been swindling unsuspecting cryptocurrency traders by running fake cryptocurrency exchanges.
Authorities have indicated that the four suspects have programming knowledge and they even developed their own Content Management System (CMS) which they used to manage content for all their exchanges which were more than six.
To help gain credibility, the 4 your men aged between 20 and 26 years used ‘cooked’ reviews and ratings. The local authorities are now calling on everyone who may have fallen victim of these fraudsters to report.
In the recent past, cases involving digital currencies have risen, from illegal crypto mining operations, unauthorized crypto exchanges, to black-market bitcoin trading activities.
Do you think the Chinese cryptocurrency miner arrested for trying to evade power bills is just a single case in many who try to evade the high power bills emanating from crypto mining operations?
Let us know your thoughts in the comments section below.