China Throws Bitcoin-Mining Grandma in Jail for Electrical energy Theft

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By CCN: Chinese language authorities sentenced a 61-year-old grandmother to 4 months in jail for stealing electrical energy whereas mining bitcoin. Qiuping Tang was additionally fined 10,000 yuan (about $1,500) for electrical energy theft.

A federal courtroom within the Hebei Province of China made the choice pursuant to a lawsuit filed by the Tangshan Energy Provide Firm, Chinese language media reported. Particularly, Tang was charged with stealing about $1,300 value of electrical energy whereas mining bitcoin between January and October 2018.

Tang’s Bitcoin Mining Earnings Had been a Meager $940

Bitcoin mining makes use of loads of electrical energy, so it’s no shock that energy theft is a standard crime amongst miners.

Authorities say Tang operated 4 bitcoin mining rigs, together with one regulator and one cell gadget utilizing stolen electrical energy. She earned about $940 from her mining actions however ran up electrical energy prices of $1,300.

After being arrested, Tang confessed to her crime and reimbursed the electrical energy firm. She additionally paid a high quality to the Chinese language State Treasury. In complete, Tang paid greater than $3,600 to settle her case.

Harsh Remedy Raises Eyebrows

There are a few stunning revelations about this report. The primary is {that a} 61-year-old grandmother is so crypto-savvy that she was mining bitcoin in her free time.

That is stunning (and spectacular) because the prevailing picture is that crypto is especially fashionable amongst millennials. A minimum of that’s the case in america and Europe, in keeping with latest analysis.

The second shock is how harsh Chinese language authorities have been on an previous girl who confessed to her crimes, paid her fines to the federal government, and reimbursed the electrical energy firm. It’s clear that the authorities needed to ship a forceful message to discourage different thieves.

China Cracks Down on Bitcoin Mining

As CCN reported, China has cracked down on bitcoin mining amid recurring issues with scams and electrical energy theft. Regardless of the federal government’s repeated suppression efforts, bitcoin mining stays pretty fashionable there.

In April 2018, police within the Chinese language port metropolis of Tianjin confiscated 600 bitcoin mining computer systems in the most important case of energy theft lately.

The alleged theft was found after the native energy grid operator noticed an irregular surge in electrical energy consumption. An investigation later revealed that bitcoin miners had tampered with a junction field to short-circuit the meters with the intention to keep away from being charged for his or her energy utilization.

And in December 2018, a bitcoin miner in Taiwan was arrested for mining $14.5 million in crypto utilizing $3.2 million in stolen electrical energy. The perpetrator allegedly operated 17 unlawful cryptocurrency mining facilities utilizing pretend storefronts throughout Taiwan.

Some Chinese language Miners Moved to Iran for Cheaper Electrical energy

In reality, electrical energy theft has turn out to be so frequent amongst bitcoin miners in China that some migrated to Iran in 2018 for the cheaper electrical energy there. Nonetheless, many discovered the tough setting in Iran unwelcoming.

Due to Iran’s beneficiant electrical energy subsidy, the federal government has banned crypto mining rigs at border checks. Consequently, mining gear usually will get confiscated on the border, in keeping with Feng Liu, who operates a bitcoin mine holding over 20,000 items of Antminer T9.

“The chance of miners being detained and confiscated on the border is kind of excessive. It’s stated that Iranian customs have thus far confiscated at the least 40,000 crypto mining rigs of varied fashions.”



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