Electric dreams turn into a nightmare for crypto miner

Chinese police raided a man’s home in Abhui Province after suspecting him of stealing electricity to run a huge cryptocurrency mining operation from his bedroom.

The suspect – named only as “Ma” – was bundled off as detectives seized an astonishing 200 computers he was using to mine Bitcoin and Ethereum.

Officers were alerted after the regional energy supplier registered unusually high power spikes near Ma’s home throughout April and May where more than 150,000kw of electricity was suddenly being used. The average home uses less than 11,000kw in a year.

Hanshan County police said they discovered the electricity meter had been deliberately tampered with in a bid to disguise the enormous amount of extra electricity surging into the house.

The suspect told officers that it was his dream to make vast sums of money through crypto mining but he was alarmed to discover the cost of powering his operation was in excess of 6,000 yuan ($930) per day.

The unfortunate Ma said he had purchased the computers in April, but his mining had so far yielded no profits.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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