• The suspect stole power from Daqing Oil Field, one of China’s biggest oil wells.
  • The head of the oil production at Daqing Oil Field reported abnormal electricity usage.

According to a report by a local Chinese media outlet, The Global Times, a Chinese man was arrested for trying to steal electricity to power his Bitcoin mining operation. The accused purportedly mined Bitcoins by taking power from one of China’s biggest oil wells. The suspect, known only by his surname Li, had been laying cables through deep fishponds to hide his operations and evade the electricity bill.

The head of the oil production at Daqing Oil Field reported abnormal electricity usage, which alarmed the police. Later, they found out 20 active Bitcoin mining rigs, which ripped off an electricity bill of nearly 50,000 yuan (roughly $7,000). Drones were used for an airborne investigation across an area of two kilometers.

Many cases similar to this were reported during last year including an incident in November when a Chinese headmaster was fired after a secret stack of crypto mining machines was found connected to his school’s electricity supply. In other news, six people were arrested were arrested in Tianjin for stealing power from the local power grid to fund their Bitcoin mining operations.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD low volatility indicates a significant move to $8,000 or $10,000 is nearby

Bitcoin price is currently at $9,229 after a brief dip to $9,104. It is currently below the daily 12-EMA and the 26-EMA which have been unable to cross positively due to the lack of bullish continuation. 

More Bitcoin News

XRP/USD do-or-die scenario at $0.20

The XRP price target at $0.21 is slowly fading away after an extended consolidation period. XRP is still fighting to stay above $0.20 while daily EMAs...

More Ripple News

ETH/USD still on its way to $250 as the market cap of ERC-20 tokens surpassed Ethereum

Ethereum has been outperforming Bitcoin for quite some time and it’s still really close to cracking $250. Ethereum price is at $240.32 after a slight drop below the daily 12-EMA...

More Ethereum News

ADA/USD 8% explosion towards $0.138 could indicate that bulls are ready for $0.15

ADA/USD had a significant drop to $0.12 after getting rejected at $0.136 on July 13. The bulls managed to buy the dip and have pushed ADA above $0.13...

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP