China has continued its crackdown on cryptocurrency and mining activity in the country. State-owned Chinese media platform CCTV has reported the seizure of almost 7,000 crypto mining equipment, for drawing power via illegal means.
According to the report, police from Tangshan city in the Hebei province carried out a special operation that lasted many months. The investigation began in April 2018 and was done in conjunction with power and other relevant authorities. So far, these authorities conducted an inspection of at least 70,000 households and 3,061 merchants. The inspection took many months and included a thorough search of about 1,470 communities.
The investigation revealed that the crypto miners had for a long time, been stealing power from a nearby village. This led to the seizure of 6,890 mining machines and 52 high-power transformers. According to the report, the police investigation yielded interesting findings after a raid which led to the confiscation of 790 machines.
The report says that one Bitcoin machine “can run up to 40 degrees of power 24 hours a day,” adding that the average family of three uses only 6 degrees. This means that in a full day, the 790 machines seized will have used the amount of electricity needed by about 5,000 households.
While China remains averse to crypto, it’s set to begin testing its central bank digital currency (CBDC) in a controlled environment.
Image Credits: Pixabay
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