Illegal Bitcoin Mining? China Seizes Thousands of ASICs

Illegal Bitcoin Mining? China Seizes Thousands of ASICs
фото показано с : ethereumworldnews.com

2019-7-15 08:30

China Arrests 22 in Illegal Bitcoin Scheme

Bitcoin mining is still a thing in China. And according to a recent report from XinhuaNet, a Chinese press agency, so is illegal cryptocurrency mining. Due to the nation’s easy access to crypto ASIC mining machines (which are made in the nation), cheap electricity, and ways to siphon power from certain grids, some Chinese have started illegal mining operations.

In a recent case outlined by Xinhua, around 22 individuals installed over 4,000 ASIC machines that were used to mine Bitcoin and compatible cryptocurrencies at facilities that used illegal power. The farm, located in a Chinese province called Jiangsu, is reported by a local power firm to have stolen power of upwards of $2.9 million.

This comes shortly after a few other cases of illegal Bitcoin mining in China. In one case, an individual stole thousands of dollars worth of electricity from a local train network to power ASICs.

It is unclear if the 22 have been or will be charged, and how they will be punished if they do get sentenced.

Crypto On the Rise

China’s obviously aversion towards local illegal Bitcoin miners comes as the nation has seen a resurgence in cryptocurrency, both at a government and retail investor level.

Per a tweet from cnLedger, a number of “online data service providers” suggest that a crypto asset-related app is trending on China’s iOS App Store. Exchange giant Huobi’s mobile application is now, according to the sources, the seventh largest keyword in the aforementioned marketplace. Considering that Apple sells some 40 million handhelds in China each year, this is quite the statistic.

Simultaneously, WeChat keyword analytics have accentuated a massive uptick in the volume of “Bitcoin”. In fact, the past ninety days have seen keyword volume for the Chinese term for “Bitcoin” skyrocket by five times.

And, Sina Finance, a major financial news and data provider owned by a major technology firm, added Bitcoin and cryptocurrency price feed data to its application.

According to local reports, this data is only available via Sina’s application, not through the website. It has also been reported that this new section on the Sina Finance application includes cryptocurrency- and blockchain-related news, but it isn’t too clear from what sources Sina is grabbing news events from.

This surge in mom & pop interest has unfortunately led to some odd debacles. Per previous reports from Ethereum World News, a project piggybacking off Tron’s success is reported to have stolen over $30 million from local investors. Known as “Wave Field Super Community”, the firm claimed to be a Super Representative, meaning a leading node, of the Tron blockchain. Wave Field is Tron’s Chinese name translated to English.

Photo by Alessio Lin on Unsplash

The post Illegal Bitcoin Mining? China Seizes Thousands of ASICs appeared first on Ethereum World News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66529.72 (-0.70%)
Объем 24H $35.269b
Изменеия 24h: -4.83 %, 7d: -5.85 %
Cегодня L: $66186.49 - H: $69643.92
Капитализация $1311.561b Rank 1
Цена в час новости $ 10481.98 (534.71%)

illegal mining china bitcoin thousands asics seizes

Источник: ethereumworldnews.com

illegal mining → Результатов: 60


Новости криптовалют сегодня, 14 июля 2019

Тут новости криптовалют сегодня от авторов блога «Новости криптовалют». Статья обновляется в течение дня. CCNMarkets Незаконное подавление крипто-майнинга в Китае может спровоцировать рост цен на биткойны China's Illegal Crypto Mining Crackdown Could Ignite a Bitcoin Price Rally https://t.

2019-7-14 08:19


Фото:

Iranian Energy Grid Blames 7% Consumption Increase on Bitcoin Miners

Mostafa Rajabi Mashhad, the spokesperson for Tavanir, an Iranian state-operated grid entity, has explained that electrical consumption has spiked by 7% in comparison to the previous year. Rajabi blames illegal cryptocurrency mining operations for the country’s increased electrical consumption and has warned that illicit mining facilities will be cut off from the grid.

2019-6-26 00:30


Фото:

Australian Worker Faces Jail Term for Illegal Bitcoin Mining  

Despite the fact that the price of bitcoin and other digital assets are just trying to recover from the winter of 2018, the crypto fever remains as hot as ever. Now, the Australian Federal Police (AFP) have charged a 33-year-old Sydney man for illegally mining cryptos with the federal government agency’s computers, reports local newsRead MoreRead More.

2019-5-22 11:00


Illegal crypto-mining: Australian man could face 10 years in jail for illegally mining cryptocurrencies using government devices

An unnamed man from Killara in New South Wales, Australia, is being charged by the Australian authorities for making use of government computer systems to mine cryptocurrencies for self-gain. The man, formerly an Australian government employee, worked as an IT contractor and has been accused of converting government computers into cryptocurrency mining devices.

2019-5-21 19:30


Illegal cryptocurrency mining nets over $50 million in a decade, according to analysts

The cryptocurrency ecosystem has been a major target for cybercrime and illegal activities such as online theft and hacking. Cryptocurrency mining is essential for all coins, including Bitcoin [BTC] and Bitcoin Cash [BCH] and over the years, criminals have started to spot loopholes in the system to cash out digital currencies.

2019-3-27 21:30


Фото:

Banks May Refuse Deposits from Crypto Firms, Says Israeli Court

An Israeli court has ruled that Union Bank of Israel cannot close the bank account of a crypto mining firm but can refuse certain deposits, as reported on March 17, 2019. Illegal Closure Despite consistent collaborations with various banks around the world, the blockchain industry has continuously faced the challenge of not being able toRead MoreRead More.

2019-3-19 22:00


Фото:

Indonesian Student Nabbed for Illegal Bitcoin Mining with School Computers

Despite the gloomy cryptocurrency market outlook, bad actors are still interested in illegally amassing bitcoin (BTC) and other cryptoassets. In the latest development, a 22-year-old student has been arrested by the Indonesian police for illegally setting up a virtual currency mining operation with college computers, reported The Jakarta Post on February 14, 2019.

2019-2-19 14:09


Фото:

Germany: Six Arrested in Illegal Crypto Mining Operation

German police have arrested six members of a mining ring who were making use of stolen electricity to mine currency since 2017, as reported by Freie Presse, February 6, 2019. Hijacked Power While people around the world enjoy using cryptocurrency, the actual process of mining crypto is quite tedious and more importantly, expensive, particularly inRead MoreRead More.

2019-2-9 06:00


Despite undergoing a lower rate of Cryptocurrency adaptation, illegal Crypto Mining is a big business in Africa

Africa (countries in Africa) just like many other countries are still yet to fully adopt the technology of cryptocurrency and the major reason for this can be traced down to law enforcement organizations who are still uncertain on what to categorize cryptocurrencies as and where exactly the digital currencies fall into.

2018-12-20 23:38


Cryptojacking Outpaces RansomWare As The Biggest International Cyber Security Threat Per Kaspersky Lab

Move Over RansomWare – The Biggest International Cyber Threat Is Rapidly Becoming Illegal Cryptocurrency Mining Is Fast Taking Over The Number One Spot With the increasing growth of literacy in using computers, this means that over a billion people every year are learning to get online. But with that comes an increasing number of people […]

2018-12-15 22:56


Report: Fraudulent Monero Mining Generates $100K Per Month for Hackers

A German university released a cryptocurrency mining-centric report, Aug. 14, noting a rise in revenue generated by illegal mining software, despite the fall in “cryptojacking.” Coinhive Faces the Heat Again As reported by Digital Trends, RWTH University in Aachen, Germany, has presented a detailed account of the infamous, browser-based miner Coinhive being used to produce over $250,000 […] The post Report: Fraudulent Monero Mining Generates $100K Per Month for Hackers appeared first on CryptoSlate.

2018-8-17 12:00


Фото:

Mining Round-Up: AMD GPU Sales Decline, Hut 8 Claims to be Largest Miner in Canada

In recent mining news, AMD has reported declining sales of mining hardware during the second quarter of 2018, Hut 8 has claimed to now comprise the largest bitcoin mining company in Canada by operating power following the construction of its second facility, and Chinese authorities have shut down what they have described as “illegal” mining […] The post Mining Round-Up: AMD GPU Sales Decline, Hut 8 Claims to be Largest Miner in Canada appeared first on Bitcoin News.

2018-7-27 03:15


China To Say Goodbye To ‘Illegal’ Bitcoin Miners by September

An autonomous region in China is set to hunt and close down all “illegal” mining operations before the end of August according to a report by a local news source. A senior official from Xinjiang’s Economic and Information Commission (EIC) confirmed that the agency has issued a notice to local utility companies in Xinjiang Uyghur […] The post China To Say Goodbye To ‘Illegal’ Bitcoin Miners by September appeared first on ZyCrypto.

2018-7-24 07:37


Chinese Region Halts Cryptocurrency Mining Operations

In-line with a strict government crackdown on all things crypto, a small province in China is forced to shut-down illegal bitcoin mining operations in the region before August 2018. Mining Crackdown As reported recently on local news Jinse, the northwestern Chinese region of Xinjiang Uyghur has identified “illegal” mining operations taking advantage of the naturally cool, […] The post Chinese Region Halts Cryptocurrency Mining Operations appeared first on CryptoSlate.

2018-7-24 07:00


Фото:

By Semptember Chinese Region Will Close “Illegal” Bitcoin Miners

China’s Xinjiang Uyghur autonomous region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk. “Local utility agencies and companies will be held accountable if they failed to shut down ‘illegal’ bitcoin mining operations,” the EIC writes. He said: “I have two partners (in the region):

2018-7-23 18:21


дальше еще 11 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru