Chinese Police Raided Bitcoin Mining Farm

Eastern China police has raided an illegal bitcoin mining farm  following a surge in local electricity usage. The investigators learned of the theft from a local power provider.[vc_row][vc_column][vc_column_text]More than 20 people participated in the particular mining operation the police had identified. The police, who confiscated 4,000 “mining devices,” allege the mining farm misappropriated nearly 20 million yuan ($3 million) in electricity costs. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]“In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,” Zhenjiang police reportedly said to AFP. Bitcoin mining is still popular in China: 50 percent of the global bitcoin computing power was located in southern China.[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_cta h2=”JOIN TO OUR TELEGRAM CHANNEL” h4=”ALL THE LATEST BREAKING NEWS ON TELEGRAM” css=”.vc_custom_1534928484642background-color: #44d8dd !important;”]Join to our Telegram channel HYIP.com to be always up-to-date with the latest news of the cryptocurrency space.[/vc_cta][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Cryptocurrency industry has been under heavily scrutiny from the Chinese government since 2017. Back in September 2017, the Chinese authorities implemented a raft of stringent regulations that severely restricted cryptocurrency activities. This included a ban on Initial Coin Offerings and fiat to Bitcoin exchanges. However, Chinese companies remain the largest mining equipment suppliers. [/vc_column_text][/vc_column][/vc_row]

https://blog.hyip.com/2019/07/chinese-police-raided-bitcoin-mining-farm/