Police Nab Chinese Man Who Steals Oil Well Electricity to Mine Bitcoin - Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News
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Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Police Nab Chinese Man Who Steals Oil Well Electricity to Mine Bitcoin

Over 74% of Bitcoin Mining Is Powered by Renewable Energy. Why is China Now Proposing a Ban?

Bitcoin

Police Nab Chinese Man Who Steals Oil Well Electricity to Mine Bitcoin

  • Man allegedly steals electricity from oil rig to power Bitcoin mining rig.
  • Police says the alleged criminal caused around $7000 damages to the oil field
  • Revisiting China’s proposed crypto mining ban

Police have nabbed a man alleged of stealing oil well electricity to power his Bitcoin mining rig in the Haerken district, Tsitsihar, China.

A report by a Chinese local news platform reflects that the man passed the electricity cable through fish ponds. The district police used a drone to conduct an aerial inspection in the locality before confirming the atrocity committed by the Bitcoin miner.

The aerial investigation which covered 2km made the police confirm the offense was committed by the said man.

On May 28, 2019, Daqing Oilfield contacted the Green Grassland Police Station in the Qiqihar District Public Security Bureau alleging that a Bitcoin miner is stealing the company’s electricity to power mining rig.

The police discovered a small white iron shed with nothing less than 20 bitcoin mining machines that were at the time mining Bitcoin in that location. The mining rig is owned by one Li.

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The man used a 5cm black cable to pass the electricity from the oil field which is 200 meters south the fish pond.

To ascertain the criminal facts, Police said it discovered the cable was connected to the oil well electricity source and confirmed that Li used the well’s electricity to power his Bitcoin mining machine.

The economic damages caused by Lee to the oil well equals 48,560 yuan (approximately $7000 at the time of writing).

While the case is still under investigation, it is not clear if Li is going to pay for the damages caused or would be charged for stealing.

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This development may be another problem for miners in China since the country recently thought of banning Bitcoin mining.

The country is said to be the world’s largest market for computer hardware that are specifically fashioned for cryptocurrency mining, especially Bitcoin.

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Around April, the China’s National Development and Reform Commission (NDRC) announced it was seeking public opinions on a list of industries it intends to encourage, restrict or eliminate.

The revised list, which was first published in 2011, now contains cryptocurrency mining among other activities that the commission wants the government to eliminate due to their non-compliance with regulatory policy.

Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple blockchain news portals in the US and the UK.Oliver is among the earliest followers of cryptocurrency and blockchain.His interest varies from Political Agendas to recent Technological advancements and now, cryptocurrency acceptance and institutional investing in blockchain.He is now a full-time contributor to TODAY'S GAZETTE.Email: oliver.green@todaysgazette.com

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