7000 crypto mining machines seized by Chinese authorities

[Enwapame Lee]

Reportedly 7000 crypto mining machines seized by Chinese authorities for consuming electricity illegally. An inspection, the Tangshan police have executed in the Kaiping district. The inspection took place in around 70000 households, 3060 merchants and 1470 communities. The inspection covered several mines, factories, and villages as well. Other authorities including the State Electricity Power Department were in association to execute the skeptical electricity usage.

Crypto Mining Investigation

The investigation initiated in April 2018 and the authorities seized around 6890 miners and 52 high power transformers. According to the police, the miners were sneaking electricity from the nearby villages. Also, the Bitcoin mining machines operating hours were 24 hours a day. This usage has surged electricity consumption by 40 times.

The current BTC miners of China are the reason behind the global hash rate as much as 66%. The country is constantly fighting and inspecting illegal use of electricity by crypto miners. Recently regulators of China’s inner Mongolia Autonomous Region toughened up the crypto mining companies. They are planning to dispatch inspection units to assure clean-up and rectification of crypto token mining companies.

Other Regulators against illegal mining

Other jurisdictions such as Abkhazia also escalated the identification of crypto mining firms related works. Though the government of Abkhazia mentioned that the significant increase in the electric network load was due to the emergence of a growing number of illegal crypto mining firms connected to local power.

In November, authorities of Iran too announced for rewards to the one who will reveal or expose the firms involved in unauthorized illegal mining operations across the country. People who will expose mining operations that are using subsidized electricity will allegedly receive up to 20% of the recovered damages.

News source: https://www.cryptoknowmics.com/news/7000-crypto-mining-machines-seized-by-chinese-authorities

[Richard1244]

Since 2011, countless so-called experts are increasingly predicting the death of Bitcoin. There is even a website that counts how many times Bitcoin survived and continued to develop when, according to experts, it was supposed to disappear.
Since Bitcoin is apparently not going to retire in the near future, you can safely plan to purchase an ASIC device   https://asicworlds.com  in order to earn a little or a lot of BTC.

[virginuso]

Indeed, mining is illegal in some countries, namely China, the Netherlands, Indonesia, and many others. The thing is that these countries want to control everything, are sufficiently developed, and can do fine without the mining industry. In some countries, it is even prohibited to use digital currencies as a means of payment.
Well, I wouldn't want to live in China. Otherwise, I would have to move with my newly acquired mining machine. By the way, I bought a mining machine on https://bitmain.forsale/product/antminer-e9-3gh-s/ with 50% discount.
I really hope that mining is not recognized as illegal in our country. Otherwise, it will be very sad.

Edited November 25, 2021 by virginuso